Swiber IJMs propose haircut of over US$140m
Under cash flow plan, about US$11m will go to accounts payable to trade creditors owed over US$154m
Singapore
SWIBER group's interim judicial managers (IJMs) are said to have tabled a proposal in which trade creditors will take a substantial haircut in excess of US$140 million in support of reversing negative margins and cash flows from secured projects.
Sources said the IJMs, in their report presented to the High Court last Friday, painted a scenario in which net cash flow from significant projects on Swiber group's order book can turn positive but on condition that suppliers and subcontractors knock off US$143 million owed by the group.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance