Swissco files for judicial management

Swissco Holdings' offshore oil rig.
Swissco Holdings' offshore oil rig. PHOTO: SWISSCO HOLDINGS LIMITED

SINGAPORE - Beleaguered rig and vessel chartering group Swissco Holdings has filed applications for itself and a wholly-owned unit, Swissco Offshore, to be placed under judicial management.

The company, in a filing to the Singapore Exchange after market close on Monday, said it will provide further updates as may be appropriate.

This comes as Swissco's main lenders had earlier rejected its debt restructuring plan. Swissco carries S$255 million of bank debt owed to seven lenders, which it had planned to pay off via asset sales and the conversion of debt to equity.

Adding to that, it owes bond holders S$100 million in principal that would have come due in 2018.

The group last Thursday said that its subsidiary Scott and English Energy has received three statutory demands from joint venture partner Ezion Holdings, which wants to wind up the latter unless a US$522,113 (S$738,905) payment is made.

Swissco has a market value of about $35.1 million. Its shares last traded at 5.2 cents on Oct 10 before trading was suspended.