Swiber IJMs propose haircut of over US$140m

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.