Swiber Holdings Ltd., the Singapore-based offshore oil and gas services group, said it is dropping liquidation plans and intends to restructure its business following talks with the companys major financial creditor.
Swiber plans to operate under so-called judicial management, according to a statement to the Singapore exchange Friday. The arrangement would allow the company to continue operating under court supervision while attempting to turn around the business. Some of its lenders had sought judicial management to recover more of their loans, according to people familiar with the talks who asked not to be identified because the discussions were private.
Swiber on Wednesday filed a petition to wind up and liquidate itself after facing $…
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