Swissco unit receives notice of appointment of receivers for vessel mortaged to DBS

SINGAPORE - The interim judicial managers of Swissco Holdings said on Wednesday (Dec 28) that the firm's step-down subsidiary, Liftboat 1 International, has received notice of the appointment of receivers over its vessel, Jinshan 1.

Mr Andrew Grimmett and Mr Lim Loo Khoon have been appointed as joint and several receivers over the vessel, effective from Dec 22, in a notice issued by solicitors for DBS Bank as the lender and mortgagee of the vessel.

The interim judicial managers are taking advice and considering their options on the notice and will provide further updates as appropriate.

Last month, the High Court had approved an application to place the beleaguered marine firm and its subsidiary, Swissco Offshore, under interim judicial management.

The application by Swissco came after its main lenders rejected its debt restructuring plan. The firm owes S$255 million to seven banks, which it had planned to pay off through asset sales and the conversion of debt to equity.

The firm also owes bond holders S$100 million in principal that would have come due in 2018.

Swissco is one of the casualties of the severe decline in oil prices, which also hit Swiber Holdings and Technics Oil & Gas - both of which filed for judicial management in July.

wongsy@sph.com.sg