Singapore
SWISSCO Holdings' assets need to be marked to market if it hopes to pull through the prolonged crisis facing the offshore and marine sector, says its chairman Lim How Teck. And this calls for noteholders and other stakeholders to help shoulder part of the pain.
Mr Lim, who was speaking to the press on Monday hours before the company was due to convene its second informal noteholders' meeting, said the oil and gas industry to which Swissco's business is most exposed is "going through very tough times". And "the best way forward is not to kick the can down the road" but to "mark down the company's assets" to reflect the current market valuations. "Without doing so, we will not be able to...