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Lost_on_Ezion Senior	30-Jul-2016 15:55        Lost_on_Ezion About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Whether JM or liquidation, equity investors like us get kosong. moneyspinner      ( Date: 30-Jul-2016 14:47) Posted: Whether JM or direct liquidation, Swiber is a goner.   Difference is only that JM will take a longer time to liquidate all the assets.   Which financier in their frame of mind would like to fund a heavily indebted O & G company at this point in time with oil prices at historical low with no sign of a rebound?
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nngeeh Veteran	30-Jul-2016 15:37        nngeeh About Contact  Quote this Post!
x 0   x 0  Alert Admin	From their FY report in Feb 2016, the cash and cash Equivalents is $93M. Why will they not able to clear the $24M, and file for liquidation/ JM? Is it because that they redeem the bond? If they are already cash strapped ... and intend to file for liquidation ... why redeem the bond?
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zandlery Supreme	30-Jul-2016 14:53        zandlery About Contact  Quote this Post!   Mood:
x 0   x 0  Alert Admin	Only becos Swiber make it official.........conditions of some other company is already near death...... It just only they never throw the towel yet.......low oil period drag another year I am sure all will kaput too In investor view...of cos no different........shareholder cannot get any shit out of it.......but for vendor and debtor..........there are chances they able to recover more from swiber than declare liquidation now........
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moneyspinner Veteran	30-Jul-2016 14:47        moneyspinner About Contact  Quote this Post!
x 0   x 0  Alert Admin	Whether JM or direct liquidation, Swiber is a goner.   Difference is only that JM will take a longer time to liquidate all the assets.   Which financier in their frame of mind would like to fund a heavily indebted O & G company at this point in time with oil prices at historical low with no sign of a rebound?
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zandlery Supreme	30-Jul-2016 14:42        zandlery About Contact  Quote this Post!   Mood:
x 0   x 0  Alert Admin	do feel you....really disguised they reward themselves handsomely before this winding up saga........ Those bugger know they will be done still swallow up big amount of bonus............. In the end ppl who suffer are the employee.....I know some of them myself........no love for the investor though.........we have to pay for our own judgement.......we buy in based on our own analysis....or some ppl.....gut feeling..haha sheerluck      ( Date: 30-Jul-2016 14:36) Posted: Likewise, did Swiber mgmt put themselves into their employees' shoe when they pocketed huge pay while managing the company to bankruptcy state?  ...don' t think so... So I say scammer are the stupidest people on earth.  Their acts are not recognised by law.  But these business people are very clever.  Set up a business.  Borrow huge sum to buy some assets and pay themselves huge salary from company' s fund for doing nothing really beneficial and when balloon burst are completed protected by law becos it is just a " bad business decision" . So maybe if Swiber mgmt really do feel for their employees, they can vomit out their pay and benefits and set up a fund to help those employees affected.  Will they?  If you are Swiber mgmt, will you? Watch out for EZRA and Nam Cheong. Personally I think EZRA mgmt is as good as Swiber' s. Nam Cehong' s case slightly different but they sure got backfired by their build-to-stock strategy.     zandlery      ( Date: 30-Jul-2016 13:14) Posted: when u made this kind of comment did u put yourself in the shoes of ppl who might lose their job?......don't think so......
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sheerluck Supreme	30-Jul-2016 14:36        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Likewise, did Swiber mgmt put themselves into their employees' shoe when they pocketed huge pay while managing the company to bankruptcy state?  ...don' t think so... So I say scammer are the stupidest people on earth.  Their acts are not recognised by law.  But these business people are very clever.  Set up a business.  Borrow huge sum to buy some assets and pay themselves huge salary from company' s fund for doing nothing really beneficial and when balloon burst are completed protected by law becos it is just a " bad business decision" . So maybe if Swiber mgmt really do feel for their employees, they can vomit out their pay and benefits and set up a fund to help those employees affected.  Will they?  If you are Swiber mgmt, will you? Watch out for EZRA and Nam Cheong. Personally I think EZRA mgmt is as good as Swiber' s. Nam Cehong' s case slightly different but they sure got backfired by their build-to-stock strategy.     zandlery      ( Date: 30-Jul-2016 13:14) Posted: when u made this kind of comment did u put yourself in the shoes of ppl who might lose their job?......don't think so....... Wind22i      ( Date: 30-Jul-2016 12:51) Posted: Best to liquidate..rather than pump more money.. As lost will then be bigger and bigger..
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sheerluck Supreme	30-Jul-2016 14:20        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Casue no harm (to mgmt' s pocket) ACTIVIST_SPEAKS      ( Date: 30-Jul-2016 13:45) Posted: --- Post Removed by User ---
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zandlery Supreme	30-Jul-2016 13:14        zandlery About Contact  Quote this Post!   Mood:
x 0   x 0  Alert Admin	when u made this kind of comment did u put yourself in the shoes of ppl who might lose their job?......don't think so....... Wind22i      ( Date: 30-Jul-2016 12:51) Posted: Best to liquidate..rather than pump more money.. As lost will then be bigger and bigger..
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zandlery Supreme	30-Jul-2016 13:13        zandlery About Contact  Quote this Post!   Mood:
x 0   x 0  Alert Admin	no one knows for sure......all this oil saga are manipulative.......u think back years back why the oil price drop so steep u will know it in control by cartel Lost_on_Ezion      ( Date: 30-Jul-2016 13:09) Posted: Oil price will not rise back to 70 for the next four years
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Lost_on_Ezion Senior	30-Jul-2016 13:09        Lost_on_Ezion About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Oil price will not rise back to 70 for the next four years
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Wind22i Supreme	30-Jul-2016 12:51        Wind22i About Contact  Quote this Post!
x 0   x 0  Alert Admin	Best to liquidate..rather than pump more money.. As lost will then be bigger and bigger..
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earlybird14 Supreme	30-Jul-2016 12:16        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	http://www.cnplaw.com/en/media/files/services/Microsoft%20PowerPoint%20-%20Seminar%20on%20JM%20SA%20and%20Winding%20up%20in%20Singapore.pdf Google can find above. Basically whole slide doesn't mention about equity holders or shareholders. It is between creditors. earlybird14      ( Date: 30-Jul-2016 11:59) Posted: Situation now is creditors like banks are very clear that they cannot find buyers for the assets and even can find the selling price may be less than 50% of the recorded asset value. Rather than, liquidate Swiber, they would rather keep Swiber there to be the owner of the company and expect a turn around. Basically, equity holders or shareholders will get nothing. Creditors will take over the company but not liquidation now but may be in the future when price is better. US always has chapter 11 to keep company survive to minimise retrenchment and company close shop, the impact is always company reformation and creditors convert their partial holding liability to shares and massively dilute existing shares till 1-2% only. In US it normally take 1 year to get all creditors sit down and discuss the solution but existing shareholders or equity holders will not have a seat at all but waiting for solution or proposal from creditors only. Anyway, at least it is good for the industry by forcing creditors of other companies in sgx not pushing the company too hard but also presuring the industry peer to implement even tougher cost cutting plan to keep the industry survive till recovery. jackson5      ( Date: 30-Jul-2016 10:04) Posted: If I am one of creditor , I will just issue legal letter to takeback y money first , also dont intend to have any biz relarionship with this company anymore , better be the first one to be in the queue !
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earlybird14 Supreme	30-Jul-2016 11:59        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Situation now is creditors like banks are very clear that they cannot find buyers for the assets and even can find the selling price may be less than 50% of the recorded asset value. Rather than, liquidate Swiber, they would rather keep Swiber there to be the owner of the company and expect a turn around. Basically, equity holders or shareholders will get nothing. Creditors will take over the company but not liquidation now but may be in the future when price is better. US always has chapter 11 to keep company survive to minimise retrenchment and company close shop, the impact is always company reformation and creditors convert their partial holding liability to shares and massively dilute existing shares till 1-2% only. In US it normally take 1 year to get all creditors sit down and discuss the solution but existing shareholders or equity holders will not have a seat at all but waiting for solution or proposal from creditors only. Anyway, at least it is good for the industry by forcing creditors of other companies in sgx not pushing the company too hard but also presuring the industry peer to implement even tougher cost cutting plan to keep the industry survive till recovery. jackson5      ( Date: 30-Jul-2016 10:04) Posted: If I am one of creditor , I will just issue legal letter to takeback y money first , also dont intend to have any biz relarionship with this company anymore , better be the first one to be in the queue ! Qanghoo      ( Date: 30-Jul-2016 09:54) Posted: But, brother, now coy voluntarily withdraws liquidation appln, just as quickly as they voluntarily applied for liquidation.  I can' t help but speculate that they took the first decision to scare off creditors into softening they approach towards swiber, knowing perhaps that they still have sufficient reserves in whatever form to pull the trigger whichever way in their favour.  How sinister if true.
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granto Master	30-Jul-2016 11:29        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Swiber makes stunning liquidation U-turn, goes into judicial management:  http://splash247.com/swiber-makes-stunning-liquidation-u-turn-goes-into-judicial-management/
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moron101 Supreme	30-Jul-2016 11:25        moron101 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Provided they also call off their JM application. But who know? Anything can happen in this siao eX... Lost_on_Ezion      ( Date: 30-Jul-2016 11:08) Posted: Will swiber be trading on Monday?
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Lost_on_Ezion Senior	30-Jul-2016 11:08        Lost_on_Ezion About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Will swiber be trading on Monday?
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Qanghoo Supreme	30-Jul-2016 10:11        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	But I think in a JM or bankruptcy situation, ranking of debt will be by level of security of creditors.  Arrangement will be made to reschedule the debt, n/or get all secure creditors to take a hair cut n move on.  So, cannot jostle in the q.  jackson5      ( Date: 30-Jul-2016 10:04) Posted: If I am one of creditor , I will just issue legal letter to takeback y money first , also dont intend to have any biz relarionship with this company anymore , better be the first one to be in the queue ! Qanghoo      ( Date: 30-Jul-2016 09:54) Posted: But, brother, now coy voluntarily withdraws liquidation appln, just as quickly as they voluntarily applied for liquidation.  I can' t help but speculate that they took the first decision to scare off creditors into softening they approach towards swiber, knowing perhaps that they still have sufficient reserves in whatever form to pull the trigger whichever way in their favour.  How sinister if true.
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jackson5 Master	30-Jul-2016 10:04        jackson5 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If I am one of creditor , I will just issue legal letter to takeback y money first , also dont intend to have any biz relarionship with this company anymore , better be the first one to be in the queue ! Qanghoo      ( Date: 30-Jul-2016 09:54) Posted: But, brother, now coy voluntarily withdraws liquidation appln, just as quickly as they voluntarily applied for liquidation.  I can' t help but speculate that they took the first decision to scare off creditors into softening they approach towards swiber, knowing perhaps that they still have sufficient reserves in whatever form to pull the trigger whichever way in their favour.  How sinister if true.  seanpent      ( Date: 30-Jul-2016 07:53) Posted: You hit the point, bro ..... "liquidation appln cld still go through" ..... this period of buying time is probably an opportunity for those who have yet to exit Swiber, can do so .....
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Qanghoo Supreme	30-Jul-2016 09:54        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	But, brother, now coy voluntarily withdraws liquidation appln, just as quickly as they voluntarily applied for liquidation.  I can' t help but speculate that they took the first decision to scare off creditors into softening they approach towards swiber, knowing perhaps that they still have sufficient reserves in whatever form to pull the trigger whichever way in their favour.  How sinister if true.  seanpent      ( Date: 30-Jul-2016 07:53) Posted: You hit the point, bro ..... "liquidation appln cld still go through" ..... this period of buying time is probably an opportunity for those who have yet to exit Swiber, can do so ..... Qanghoo      ( Date: 29-Jul-2016 23:26) Posted: I think the latest filing by the coy was for a demand > 200 mil.  Suddenly, the demands have started piling up.  Sounds like Swiber is really cash strapped.  But there appears a small ray of hope, given that some creditors might probably loosen their noose on the coy n maybe renegotiate a re-scheduling of some payments?  These creditors probably figured that there' s a chance that if they keep the coy going, they cld better recover their loans eventually.  Then again, not all creditors might agree n, in the end, the liquidation appln cld still go through.  For those vested, let' s keep our fingers crossed for everyone.
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jackson5 Master	30-Jul-2016 08:11        jackson5 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Curing a dead horse !
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