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Swiber placed under judicial management

Swiber placed under judicial management
Swiber is entering judicial management following approval by Singapore courts on Wednesday.

Yesterday evening Singapore courts approved an application to put Swiber and its subsidiary Swiber Offshore Construction into provisional judicial management. KMPG Services Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye have been appointed as judicial management.

The placement of Swiber under provisional judicial management ends a tumultuous seven days for the Singapore-listed offshore company and provides hope of debt rehabilitation.

Early on 28 July morning Swiber’s top management suddenly quit and filed for a winding-up order and appointed provisional liquidators sending shockwaves through the market.

Less than 48 hours later in a u-turn Swiber said it was going to file judicial management.

Following the successful judicial management hearings the company’s provisional liquidators have been discharged.