Swiber Holdings, which announced last week that it planned to go into liquidation, now says it plans to try to restructure the business following talks with the companys major financial creditor. In a statement, Swiber Holdings said that rather than go for liquidation it has decided to operate under so-called judicial management, which would allow it to continue operating under court supervision while attempting to turn around the business. Some of its lenders are understood to have sought judicial management to recover money owed to them.
In a statement, the company referred to an earlier announcement regarding the appointment of Cameron Lindsay Duncan a…
Read the full article at: http://www.osjonline.com/news/view,swiber-opts-for-judicial-management-rather-than-liquidation_43988.htm