Swiber lenders said in talks with firm to drop liquidation bid

SINGAPORE (July 29): Some of Swiber Holdings’ lenders are pushing for the offshore oil and gas services group to continue its business rather than pursue its plans for liquidation to meet creditor demands, according to people familiar with the talks.

The banks are pushing for judicial management in attempts to recover more of their debt exposure to the Singapore-listed company, the people said, asking not to be identified as the discussions are private.

If Swiber opts instead for judicial management, it would continue its operations under court supervision while attempting to turn around the business. If it goes into liquidation, the company would be wound up and its assets would be sold to repay creditors.

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