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Survival is still possible for Swiber, say interim judicial managers

Gwyneth Yeo Published on Mon, Sep 05, 2016 / 11:48 AM GMT+8

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SINGAPORE (Sept 5): Swiber Holding’s interim judicial managers (IJMs) said on Friday that the oil and gas company could be saved as its major suppliers, vendors and creditors have indicated interest in aiding the group to complete its ongoing projects.

In a report filed in the High Court, the IJMs believe there is a “reasonable prospect” of achieving at least one of its objectives. These include the survival of the company or part thereof, receiving approval for a scheme of arrangement with Swiber’s creditors, or a better realisation of assets than in liquidation.

The IJMs, led by Bob Yap, Head of Advisory at KPMG Singapore, noted that the prospects for saving Swiber depend on its ability to complete its US$1.67 billion ($2.3 billion) worth of secured projects, followed by a restructuring exercise under judicial management.