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Swiber Holdings' Australian power generation bid falls through, term sheet scrapped

STRUGGLING offshore and marine group Swiber Holdings has lost a lifeline as a bid to reinvent the company and restructure its debt fell through.

Swiber, which is under judicial management, said on Monday that the non-binding term sheet for the buy-out attempt of an Australian power generation firm had expired the day before, without being extended.

It had announced in November 2017 that it was pursuing a share swop deal with Interlink Power & Energy Holdings, which came with conditions such as an injection of up to US$200 million from new equity investors, and the restructuring of all of Swiber's debts and liabilities.

The original long-stop date of March 31 was later extended by six months to Sept 30, with Swiber saying at the time that "discussions with the vendors in relation to the proposed acquisition remain ongoing".

But, without a second extension, the term sheet has now automatically been terminated.

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