Swissco application for interim judicial managers to be heard in High Court on Nov 25

Swissco Holdings had filed applications to be placed under judicial management as its main lenders earlier rejected its debt restructuring plan.
Swissco Holdings had filed applications to be placed under judicial management as its main lenders earlier rejected its debt restructuring plan.PHOTO: SWISSCO HOLDINGS LIMITED

SINGAPORE - Swissco Holdings' application for interim judicial managers will be heard in the High Court on Friday (Nov 25), the company said in a filing on the Singapore Exchange on Thursday.

Creditors who wish to attend the hearing may do so, the company said in the filing.

Copies of the applications and affidavits filed in court are also available to creditors upon request, it said.

Beleaguered rig and vessel chartering group Swissco Holdings had filed applications to be placed under judicial management as its main lenders earlier rejected its debt restructuring plan.

Swissco had run into headwinds in the second half of last year, after oil prices plunged from more than US$110 (S$156.5) a barrel in June 2014 to a low of less than US$40 last December.