SINGAPORE – Offshore marine group Swiber Holdings on Friday (July 29) took out an application to place itself and its subsidiary Swiber Offshore Construction (SOC) under judicial management and interim judicial management.
It had announced its winding-up application on Thursday (July 28), sending shock waves through the market.
Swiber said that on Thursday, the directors and the provisional liquidators had discussed with the company’s major financial creditor, who indicated it was supportive of an application for the company to place itself into judicial management instead of liquidation.
On Friday, Swiber applied to discharge the provisional liquidation order and to withdraw the winding up application made on July 27.
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