Swiber Applies for Judicial Management Instead of 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 chances of recouping the full value of debt for creditors. "Today, the company and its subsidiary, Swiber Offshore Construction Pte Ltd (SOC), have taken out applications to place the Company and SOC under judicial
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 2025
