Swiber Applies for Judicial Management Instead of Liquidation
Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation. Swiber shocked markets earlier this week by filing for liquidation, as it faced hundreds of million of dollars in debt and a decline in orders, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows a financially-distressed company the room to return to financial health under the supervision of the Singapore Court rather than a more disruptive process of liquidation that reduces the
Troubled Otto Marine Geophysical Subsidiary
Reflect Geophysical Pte Ltd. At the hearing on the two applications to wind up Reflect filed by two of Reflect’s creditors with the Singapore High Court held on 22 February 2013, the court has ordered that the applications be adjourned to a date to be fixed after the conclusion of the judicial management application filed by Reflect on 21 February 2013, pursuant to section 227C(a) of the Companies Act (Chapter 50). At a separate hearing before the Registrar, the court ordered that the hearing on Reflect's application for judicial management be held within 6 weeks from the date of the filing
Rig Accommodation Provider Seeks Court Protection
Equinox Offshore Accommodation Ltd. faced with a winding-up petition for a US$600,000 claim, applies to Singapore Court for 'judicial management'. The Board of Equinox Offshore was not able to resolve the matter relating to the winding up petition, and resolved to apply for the appointment of judicial management of the Company. A hearing for the judicial management will be fixed by the Court in due course and in the period from application until the date of the hearing there will be a moratorium in place which means that no steps can be taken up to wind up the Company. Legal proceedings or
February 2024
