SINGAPORE (Oct 12): Troubled oil and gas services company Swissco announced it will default on its interest payment to noteholders on Oct 16 and will suspend trading with immediate effect.

(See also: Swissco mulls restructuring of bonds)

While Swissco will not be able to pay the interest due to noteholders, it expects to be able to continue operations using its cash, revenue and possible asset disposals. The noteholders have been invited to form an informal steering committee to work out a mutually agreeable restructuring plan, with the next informal meeting held in four weeks’ time.

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