Singapore courts have approved an application to put Swiber and its subsidiary Swiber Offshore Construction into provisional judicial management.
KMPG Services Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye were on Wednesday appointed as judicial management.
The placement of Swiber under provisional judicial management ends a tumultuous seven days for the Singapore-listed offshore company and provides hope of debt rehabilitation.
Early on 28 July morning Swiber’s top management suddenly quit and filed for a winding-up order and appointed provisional liquidators sending shockwaves through the market.
Less than 48 hours later in a u-turn Swiber said it was going to file judicial management.
Following the successful judicial management hearings, the company’s provisional liquidators have been discharged.
More from Ships & Ports
We pay for your stories! Do you have a story for Ships & Ports? Email us at email@example.com or call 0810 359 4873. You can also WhatsApp us here. We pay for videos too. Click here to upload yours.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.