Swiber Holdings will default on upcoming coupon payment

BELEAGUERED Singapore-listed offshore and marine group Swiber Holdings announced late on Monday that it will default on its upcoming coupon payment for its S$150 million 6.5 per cent trust certificates due 2018 comprising Series 001 issued under its US$500 million Multicurrency Islamic Trust Certificates Issuance Programme.

It is unable to pay the upcoming coupon payment for the Series 001 Trust Certificates due on Aug 2.

Earlier in July, Swiber Holdings' judicial managers was granted an extension until Oct 21 to send a statement of proposals to creditors, and summon creditors' meetings.

The company and its subsidiary, Swiber Offshore Construction, have been placed into judicial management since Oct 6, 2016.