Swissco Holding's HK units under voluntary liquidation

The judicial managers of Swissco Holdings said yesterday that four of the chartering group's Hong Kong units have been placed under creditors' voluntary liquidation there.

The four units are owned by Swissco subsidiary Scott and English Energy, which is also in creditors' voluntary liquidation.

As a result of resolutions passed at the meetings on Monday, the judicial managers have appointed JLA Asia's John Robert Lees and Mat Ng as the joint and several liquidators of the four companies.

Swissco applied to be placed under judicial management in November 2016 after its main lenders rejected its debt restructuring plan.

A motion for a committee of inspection to be constituted for the four companies was also passed.

Swissco applied to be placed under judicial management in November 2016 after its main lenders rejected its debt restructuring plan.

Last November, the High Court here granted Swissco an extension of its judicial management order to Sept 18 this year.

A version of this article appeared in the print edition of The Straits Times on March 03, 2018, with the headline 'Swissco Holding's HK units under voluntary liquidation'. Print Edition | Subscribe