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Swissco applies to be placed under judicial management

Swissco applies to be placed under judicial management
Heavily indebted Swissco Holdings has filed applications in the Singapore High Court on Monday to be placed under judicial management, a move that the company last week said it will make after it failed to receive support from its major creditors.

In a brief statement, Singapore-listed Swissco said the company and its wholly-owned Swissco Offshore have filed for judicial management, as well as for orders that interim judicial managers be appointed pending the hearings of the judicial management applications.

The OSV and rig owner revealed last week during its financial results announcement that it has reached an impasse with its major lenders, as they have not agreed to Swissco’s restructuring plan.

The collapse of Swissco comes about three months after another Singapore-based offshore services firm Swiber was placed under judicial management.

The severe slump of the global oil and gas sector, coupled with the overhang of excessive supply, have led to extremely challenging operating conditions for offshore companies.

Swissco said earlier that the oil and gas industry is expected to remain weak in the next 12 months and there is no visibility as to when the sector will improve.

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