Beleaguered Swiber fails to pay $91.3 million fixed rate notes

The notes were due on 18 September 2016.

Battered Swiber Holdings Limited admitted on Friday it does not have any capacity anymore to fund upcoming coupon payments for its S$91.3 million (CNY450 million) 7.75% fixed rate notes due 2017.

Swiber said the notes were issued pursuant to the Company’s S$1 billion multicurrency debt issuance programme due on 18 September 2016.

On the same day, Swiber announced the total sum of claims received by the group swelled to around S$315.7 million (US$231.4 million).

Swiber is currently under judicial management after falling victim to slumping oil prices. 

Join Singapore Business Review community
A NOTE FROM SINGAPORE BUSINESS REVIEW

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.


If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Exclusives

Monday.com picks Singapore for Southeast Asia expansion
Its in-house designers created Singapore-inspired artwork in the company's colors.
Tsuklio targets dual-income families in Singapore expansion
The Japanese meal subscription platform logged 3,000 pre-registrations before launch.
Choosier Asia buyers steer auctions toward rare art
Collectors are bidding harder for works with clear ownership histories.