Spurned by lenders, Swissco to file for judicial management

Singapore

THE bloodletting continues in Singapore's struggling offshore-and-marine industry. Heavily-indebted oilfield vessel operator Swissco Holdings has become the next to run aground, in an echo of the sudden collapse of oilfield vessel operator Swiber Holdings earlier this year.

Swissco will file for interim judicial management in the next few days. Bankers did not support a bond restructuring proposal from the company, which is looking to tap consultancy EY as judicial manager, company management told The Business Times on Monday night.