Singapore court approves judicial management for Swissco

A Singapore court has approved the application made by Swissco Holdings to be placed under judicial management after the debt-ridden OSV operator failed to receive support from its major lenders.

Singapore-listed Swissco applied to be placed under judicial management in November 2016, after its major lenders did not agree to Swissco’s restructuring plan.

The Singapore court has appointed Ernst & Young’s Angela Ee and Purandar Rao as the judicial managers.

Recently, Swissco entered into an agreement to sell a 2014-built offshore tug/supply ship to pocket $7.03m, in line with the judicial management’s aim to realise the company’s assets.

Last month, Swissco revealed that five bidders are being assessed in relation to buying some or all of its assets and its subsidiary Swissco Offshore.

Posted 21 April 2017

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Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

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