SINGAPORE Oct 12 Swissco Holdings,
which provides rig and vessel chartering services, said it would
not be able to pay interest on a S$100 million ($73 million)
note, the latest Singaporean firm in the offshore services
industry to disclose debt woes.
Swissco said it was not able to make a coupon payment of
about S$2.9 million due on Oct. 16 on a 5.7 percent note
maturing in 2018. But it said it expects to be able to fund
current operations from cash and revenue as well as possible
Singapore's offshore and marine industry has been pummelled
as clients cut spending on the slide in oil prices. Oilfield
services firm Swiber Holdings, which initially filed
for liquidation, gained court approval last week to place itself
under judicial management.
Swissco said in a statement that Ernst and Young, whom it
has appointed as a financial adviser, was actively working on a
debt restructuring plan and it invited noteholders to form an
informal steering committee.
Swissco's debt stood at $221.6 million at end-June.
Its shares were halted on Monday pending an announcement and
Swissco has asked for the suspension to be kept in place. Prior
to the trading halt, the company had a market value of about $26
($1 = 1.3735 Singapore dollars)
(Reporting by Aradhana Aravindan; Editing by Edwina Gibbs)