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Singapore court approves judicial management for SwisscoSingapore court approves judicial management for Swissco

A Singapore court has approved the application made by Swissco Holdings to be placed under judicial management after the debt-ridden OSV operator failed to receive support from its major lenders.

Lee Hong Liang, Asia Correspondent

April 21, 2017

1 Min Read
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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.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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