Swiber applies for time extension to release financial statements and convene AGM

FINANCIALLY distressed oil and gas firm Swiber Holdings said that it has applied to the Singapore Exchange for an extension of time to release its overdue financial statements and convene an annual general meeting (AGM).

This is due to its cash flow issues and how its judicial managers need more time to review the financial affairs of the firm.

Given that its judicial management period has been extended till October 2018, the firm is seeking the extension till after that time to report its financial statements and convene the AGM.

The judicial managers have until March 31, 2018 to send creditors a statement of proposals and summon a creditors' meeting.