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Swiber says it is unable to pay upcoming coupon payment for fixed rate notes due 2017

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BELEAGUERED offshore marine group Swiber Holdings has announced that it is unable to pay the upcoming coupon payment for 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 multicurrency debt issuance programme due on Sept 18, 2016.

BELEAGUERED offshore marine group Swiber Holdings has announced that it is unable to pay the upcoming coupon payment for 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 multicurrency debt issuance programme due on Sept 18, 2016.

It said this in a filing to the Singapore Exchange (SGX) late on Friday night.

This follows an earlier update on Friday evening that claims received by Swiber Holdings were at US$231.4 million as at Sept 15, up slightly from a week ago, when they were at US$230.7 million.

Swiber's interim judicial managers had then said the company is currently seeking legal advice on the above claims.