Swissco IJMs to pay wages to crew of vessels, service asset

THE interim judicial managers (IJMs) of beleaguered vessel operator Swissco Holdings and its subsidiary Swissco Offshore (SOPL) have been authorised by the court to make payment of wages to crew of certain vessels and service asset employed by SOPL.

The IJMs revealed this in a filing on Friday evening after the market close, adding that they are to update the court on Jan 5, 2017 on the progress of seeking judicial management.

The payment to the crew "was necessary to ensure that these vessels and service asset continue to generate revenue and preserve their value," said the IJMs. The order of court had been sought and obtained on Thursday, Dec 1.

The IJMs were also directed by the court on Thursday to update the court and creditors on Jan 5, 2017, on the prospects of achieving one or more of the statutory objectives of judicial management, as well as a schedule of the estimated costs.