Singapore High Court grants Swissco judicial management extension

SINGAPORE'S High Court has granted an extension to the judicial management order for financially distressed offshore support vessel (OSV) group, Swissco Holdings.

Swissco will remain under judicial management until July 31, 2019, its court-appointed judicial managers (JMs) said in a disclosure released after Monday's lunch break.

With this extension, the JMs are now required to table a statement of proposals before the creditors by April 14, 2019.

The Business Times understands Swissco has gone to court to seek the extension in light of two deals in the works for the listed holdings company and its OSV business.

The JMs had disclosed on Oct 12, a proposed transfer of the holding company's listing status to Plus Renewables Technologies in exchange for shares valued at S$6 million to be issued by the latter. 

The shares to be issued for this transfer listing will go to creditors of the holdings company, which will include holders of its Singapore-dollar denominated S$100 million medium term notes.

The JMs are also said to be pursuing the sale of Swissco's OSV business after an earlier deal with Hassan Basma-led Asian Strategic Turnaround Ventures fell through. 

Swissco was placed under judicial management in April 2017 after its management failed to secure clemency from the group's lenders and noteholders.