Embattled Swiber Group has survived a liquidation scenario after its creditors voted on 29 May in favour of implementing a restructuring with equity investment from New York-listed Seaspan Corporation.

Debt-ridden Swiber Group is looking at a potential restructuring following a rescue deal dangled by New York-listed Seaspan Corporation, and judicial managers have urged creditors to say ‘yes’ to the proposed restructuring.

Containership owner Seaspan Corp is moving ahead with an investment plan that could see it rescuing bankrupt Singapore offshore player Swiber Holdings.

New York-listed containership owner Seaspan Corp has emerged as an unlikely saviour for struggling Singapore offshore construction vessel company Swiber Holdings.

Vallianz Holdings’ latest corporate exercise to bring it back on a firmer financial footing will result in it coming firmly under Arab control with controlling shareholder and strategic partner Rawabi Holding seeing its shareholding potentially spike to 57.2% from about 14.8% previously.

Kim Heng Offshore & Marine Holdings is benefitting from the pockets of activity that still exist in the East Malaysia oil and gas (O&G) market, picking up a couple of spot charters for its three 10,800 bhp anchor handling tug/supply (AHTS) vessels

Bankrupt Singapore offshore firm Swiber Holdings is pinning its hopes of a rebirth on the Floating LNG (FLNG) sector.

Singapore-listed Kim Heng Offshore & Marine has moved into the OSV sector purchasing three AHTS from bankrupt Swiber Holdings for just $9.6m.

Bankrupt Singapore offshore company Swiber Holdings has failed to redeem a SGD160m bond issue.

Eight senior executives of Swiber Holdings have been probed by the Commercial Affairs Department (CAD) of Singapore and released on bail in relation to alleged violation of the Securities and Futures Act.

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