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Swiber asks again for more time to propose a return to trading

OFFSHORE and marine group Swiber Holdings, which is swimming its way to a rescue by New York-listed Seaspan Corp, has applied for more time to return its shares to action.

Under a third extension application made and disclosed on Friday, Swiber would have until Dec 31 - the long-stop date for the Seaspan deal - to give the bourse operator a proposal on resuming trading.

The company, which is also under judicial management until Dec 31, argued that it is "not in a position to formulate and submit the resumption proposal" since Seaspan's planned US$200 million bailout injection and a related power project in Vietnam have not yet gone through.

The lion's share of creditors, who had been in limbo after Swiber defaulted on bond payments from 2016, agreed to the restructuring at a May vote, but shareholders and regulators must still sign on too.

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"As these matters involve several stakeholders, such discussions are still ongoing," the company has now said, noting that it is also seeking clarification from the Singapore Exchange on "certain issues under the listing manual... in connection with the proposed investment".

Swiber would be in a better position to assess the impact of the planned deals and restructuring "only after there is more certainty as to whether the proposed investment and such other transactions will proceed and, if so, the terms thereof", the company added.

Trading in Swiber shares has been suspended since 2016.