Swiber's creditors can get insight into firm's finances next month

Creditors are hammering at the door of Swiber Holdings.

The total sum of claims filed by creditors against the beleaguered oil services group has ballooned to some US$135.9 million (S$183 million) as of Thursday, the interim judicial managers reported yesterday.

The judicial managers are in the process of verifying the accuracy and completeness of the fresh claims. The sums claimed against Swiber totalled US$25.9 million when Swiber sought to be put under judicial management (JM) last month.

As fresh claims are unveiled, creditors will get insights into the state of the firm's finances next month.

They will also learn about its projects and the events leading to the firm's JM application, among other things, once the judicial managers' full report is submitted to the High Court by Sept 2.

This was revealed in a brief outline of the report submitted by the judicial managers yesterday.

Creditors may request a copy of the outline from the judicial managers' lawyers, Rajah & Tann Singapore. A pre-trial conference will be held on Sept 5.

According to the outline, the report will examine the business and services provided by Swiber and its main revenue generator, Swiber Offshore Construction (SOC); the strengths and weaknesses of the projects, macroeconomic conditions, and events leading to the JM application.

It will also contain details of Swiber's balance sheet as of July 31; its investment in its units; other receivables and cash balances; as well as its liabilities, including details of notes payable and other payables.

The report will also include details of SOC's July 31 balance sheet, its property, plant and equipment assets, its inventory, trade receivables, and secured and unsecured bank borrowings.

A summary of Swiber and SOC's encumbered and unencumbered assets, pending lawsuits and arbitration and letters of demand will also be provided.

A version of this article appeared in the print edition of The Straits Times on August 20, 2016, with the headline 'Swiber's creditors can get insight into firm's finances next month'. Print Edition | Subscribe