SINGAPORE, April 21 A Singapore court on Friday
approved Swissco Holdings Ltd's application to be
placed under judicial management after the debt-burdened rig and
vessel charter firm reached an impasse with major lenders last
Judicial management is a process that gives a financially
distressed company leeway to return to financial health under
Singapore's offshore and marine industry has been hit by low
oil prices, weak charter rates and delays to projects.
Oilfield services firm Swiber Holdings is also
under judicial management. Last month oilfield services provider
Ezra Holdings Ltd filed for U.S. bankruptcy
The court approved EY's Angela Ee and Purandar Rao as
Swissco's judicial managers.
As of end-September 2016, Swissco's outstanding debt
repayable in one year or less was $255.7 million.
(Reporting by Fathin Ungku and Marius Zaharia; Editing by