Swiber defaults on its bond coupon payout due on March 20

SWIBER Holdings is unable to pay the upcoming coupon payment on its bond due on March 20, 2017, the company said in a SGX filing on Tuesday evening.

The bond it was referring to is the Series 017 450 million yuan (S$92 million) 7.75 per cent fixed rate notes due 2017 issued pursuant to the company's S$1 billion multi-currency debt issuance programme.

This comes soon after it said on March 7 that its court-appointed judicial managers have filed applications for extension until July to send to creditors a statement of proposals and summon a creditors' meeting.