Trustee calls on Swiber to pay up

The Bank of New York Mellon (Singapore branch), as trustee of certain trust certificates, has called on Swiber Holdings to pay up immediately on its Series 001 Trust Certificates.

The call relates to the Series 001 S$150-million 6.50 per cent fixed rate trust certificates due 2018, issued by Swiber Capital under the U$500-million Multicurrency Islamic Trust Certificates Issuance Programme.

Swiber has said that it is currently in judicial management and is presently unable to comply with its payment and/or purchase obligations in connection with these trust certificates.

"The company will be engaging the trustee in respect of its obligations, within the framework of the judicial management of the company," Swiber's judicial managers announced on Thursday said.