Swiber wins creditors’ support for $200m deal
Swiber is now seeking to nail down, with long-time project partner Rawabi Holdings, a similar deal to a previous one with Seaspan that fell through. Creditors have approved this latest deal at a meeting convened almost four years after the start of Swiber's insolvency proceedings, which shook up Singapore's stock market
Most banks exposed to Swiber may have written off their debts to the firm by now and are inclined to support any investment deal that can minimise their losses
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A key element of the deal was a $1bn liquefied natural gas-to-power project that Swiber was pursuing in Vietnam, which now appears not to be fulfilled
Creditors' mandate is positive news for Swiber and gives the company an opportunity to be rehabilitated with the proposed investment from Seaspan, its judicial manager said
Seaspan has signed a definitive investment agreement calling on the boxship player to pump equity into Swiber and its LNG-to-power subsidiary
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