Swissco to seek interim judicial management

SINGAPORE (Nov 15): Singapore rig supplier Swissco Holdings is seeking court-supervised management, saying it is at an impasse with its major lenders on a proposed debt restructuring.

In a filing to the Singapore Exchange late Monday, the company warned further writedowns may be incurred as it prepares to file for interim judicial management by early next week. Swissco has US$256 million ($361 million) in borrowings due within a year, the filing showed.

Like several of Singapore’s shipping and oil-and-gas service companies, Swissco has been hit by capital spending cutbacks in energy exploration.

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