Swiber's proposed judicial management gives no indication of recoverable debt

Singapore

AS the October court hearing for Swiber group's judicial management (JM) application draws closer, two questions remain unanswered: the projected returns of the proposed JM to unsecured creditors and sources of working capital for the group beyond the proposed disposal of its existing assets and realisation of existing account receivables.

The Business Times understands unsecured creditors have repeatedly raised the first question but the interim judicial managers (IJMs) from KPMG have only pledged to deliver better returns compared to a liquidation scenario, when just two cents and four cents are expected to return to each dollar owed.

An informed source said the projected returns to unsecured creditors can only be tabled with a statement of proposals to be…