SINGAPORE (Nov 15): A Singapore-listed rig and vessel supplier is seeking court-supervised management to fend off creditors, saying it’s at an impasse with major lenders on a proposed debt restructuring following a bond default last month.

Swissco Holdings said “a significant gap persists between the Group’s aim of sustaining its business in the long term and the position of these lenders,” a filing to the Singapore Exchange late Monday shows. “In the circumstances, the group has decided to file for an interim judicial management order.”

The fallout brings another bout of bad news for bondholders facing an unprecedented wave of defaults following a slump in global energy and shipping markets over the past two years. More than US$400 billion ($566 billion) of proposed energy projects worldwide have been delayed since mid-2014 and pushed into 2017 and beyond, according to consulting firm Wood Mackenzie. Five companies have reneged on $1.1 billion of notes over the past 12 months, according to Bloomberg data.

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