Big exposure: People queue up to withdraw money from DBS automated teller machines at a mall in Singapore. DBS Group Holdings Ltd, South-East Asia’s biggest lender, said it has about S700mil (US523mil) in total exposure to Swiber. – Reuters
SINGAPORE: Swiber Holdings Ltd, the Singapore-based offshore oil and gas services group, said it was dropping liquidation plans and intends to restructure its business following talks with the company's major financial creditor.
Swiber plans to operate under so-called judicial management, according to a statement to the Singapore exchange last Friday. The arrangement would allow the company to continue operating under court supervision while attempting to turn around the business.
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