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. 

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