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.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.