High Court grants Swissco Holdings an extension of judicial management order

THE Singapore High Court last Friday granted Swissco Holdings an extension of its judicial management order to Sept 18 next year, the company's judicial managers announced on Monday.

The period for the judicial managers to comply with the requirements of Section 227M of the Companies Act (Cap 50) will also be extended to April 30, 2018, while the deadline for the judicial managers to hold a creditors' meeting and present a statement of proposals will be moved to May 14.

The High Court also approved an extension of the judicial management order for Swissco's unit Swissco Offshore (Pte) Ltd until May 18 next year.

The period for the judicial managers to comply with the requirements of Section 227M of the Companies Act (Cap 50) will be pushed back to Jan 17, and the deadline for the meeting of creditors to be held will be extended to Jan 31.

The judicial managers said in the filing to the Singapore Exchange that they will continue to work with and engage creditors and stakeholders of both Swissco and Swissco Offshore, and will make further updates as appropriate.

Swissco, a rig and vessel chartering company, had applied to be placed under judicial management in November last year amid a sea of red ink, after its main lenders rejected its debt restructuring plan.