Swiber creditors give nod to restructuring proposal

Singapore

DEBT-laden offshore and marine group Swiber Holdings and its subsidiary Swiber Offshore Construction (SOC) have received a key approval from creditors for a proposed restructuring that involves an equity investment from New York-listed Seaspan Corp.

The proposal still requires approval from shareholders and regulators, but judicial manager and KPMG head of restructuring Bob Yap said that the nod from creditors was a "positive step towards achieving a successful restructuring".