Judicial management for troubled Swiber gets go-ahead

KPMG to serve as financial advisory.

A Singapore court on Thursday appointed financial advisory firm KPMG as judicial manager for Swiber Holdings Ltd, allowing the troubled oilfield services firm to be kept under a process through which it could be nursed back to health.

Swiber applied in July to place itself under judicial management. It had initially filed for liquidation as it faced hundreds of million of dollars in debt and a decline in orders following a drop in global oil prices.

Here's more from Reuters.

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