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Swiber misses coupon payment on bond

Swiber misses coupon payment on bond
Financially-troubled offshore company Swiber Holdings missed a coupon payment on one of its bond issues on Sunday.

Swiber’s interim judicial managers said it was unable to pay the coupon due on 18 September on its RMB450m 7.75% fixed rate notes due in 2017.

Meanwhile claims against Swiber increased to $231.4m as of 15 September and it said the company was seeking advice on the claims.

Singapore-listed Swiber was placed under interim judicial management on 4 August, having previously filed for insolvency at the end of July.