Bankrupt Singapore offshore and marine group Swiber Holdings has announced that its wholly-owned subsidiary Swiber Capital will default on its upcoming coupon payment of S$150m ($110.7m) due on August 2 under its $500m multicurrency Islamic trust certificates issuance programme.
Swiber Holding and its subsidiaries officially went into judicial management in October 2016 after getting an approval from Singapore High Court and the company has since been involved in a series of bond and coupon payment defaults.
In July, the court approved Swiber’s application to extend its period under judicial management to March 21 next year.