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Swissco group's Hong Kong units placed under voluntary liquidation
THE judicial managers of Swissco Holdings said on Friday that four of the rig and vessel chartering group's Hong Kong units have been placed under creditors' voluntary liquidation there.
The four step-down units in Hong Kong - the Supreme Excellence 1,2,3 and 4 group of companies - are owned by Swissco subsidiary Scott and English Energy Pte Ltd, which is also in creditors' voluntary liquidation.
As a result of resolutions passed at meetings on Feb 26, the judicial managers have appointed JLA Asia's John Robert Lees and Mat Ng as the joint and several liquidators of the quartet of Supreme Excellence companies.
A motion for a committee of inspection to be constituted for the four companies was also passed.
The judicial managers of Swissco said they will provide further updates as appropriate.
Swissco, had applied to be placed under judicial management in November 2016 amid a sea of red ink, after its main lenders rejected its debt restructuring plan.