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Swiber Holdings Limited
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Joelton
Supreme |
29-Dec-2020 11:05
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Rawabi to invest US$10m in Swiber' s subsidiary
RAWABI Holding Company, an oil and gas conglomerate in Saudi Arabia, on Monday signed an agreement committing a US$10 million investment into a new, wholly-owned subsidiary of debt-laden offshore and marine group Swiber Holdings.
The new subsidiary will be incorporated in Singapore, and Rawabi' s share will constitute approximately but no less than 80 per cent of the new company' s enlarged total issued shares.
Rawabi has also committed to pursue an initial public offering of the new company' s shares.
As part of the agreement, Rawabi will also invest US$190 million in Swiber' s existing wholly-owned subsidiary Equatoriale Energy.
This comes six months after Swiber and Rawabi entered into a binding term sheet for a US$200 million cash investment in June 8.
Swiber shares have been suspended since 2016.
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Joelton
Supreme |
24-Dec-2020 09:39
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Swiber Holdings' judicial management extended to Jan 14
THE judicial management period for Swiber Holdings and its subsidiary Swiber Offshore Construction was extended to Jan 14, 2021, at a hearing on Wednesday.
Another hearing will be held on Jan 14 to further determine the extension of the judicial management periods until March 31, 2021, Swiber' s board and judicial managers said in a joint bourse filing.
Trading in Swiber shares has been suspended since 2016. Swiber and subsidiary Swiber Offshore Construction were placed under judicial management later that year.
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Joelton
Supreme |
17-Apr-2020 09:57
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Swiber in talks for possible US$200m cash investment, bond issuanceTHU, APR 16, 2020 - 9:25 AMDEBT-LADEN offshore and marine group Swiber Holdings, currently in judicial management, has started discussions with a third party with a view to set out the broad terms of a possible restructuring deal in a term sheet. If signed, the term sheet will then form the general basis for negotiations of the definitive transaction agreements for the investment. The potential investor is a Middle East-based oil and gas conglomerate, offshore support vessel owner Swiber said in a bourse filing on Wednesday night. Swiber' s judicial managers understand that the proposed investment is aligned with the Middle Eastern firm&rsquo s strategy for the region. As part of the proposed deal terms, the conglomerate will invest a total of US$200 million cash in a new wholly-owned subsidiary to be incorporated by Swiber and/or in Swiber&rsquo s existing wholly-owned unit Equatoriale Energy Pte Ltd (EEPL). The investor plans to do this by injecting an initial US$10 million through the subscription of new shares in the new subsidiary, accounting for about 80 per cent of this subsidiary&rsquo s enlarged share capital. Subsequently, the balance of US$190 million will be invested by way of subscribing, in tranches, for new shares in the new subsidiary and/or EEPL. The potential deal will also have a debt restructuring component. This includes the new subsidiary issuing redeemable convertible bonds to certain secured creditors, to address Swiber Holdings&rsquo liabilities to those secured creditors. These bonds will be convertible into shares which will constitute about 10 per cent of the new subsidiary&rsquo s enlarged share capital if the bonds are converted. For the unsecured creditors of Swiber Holdings and Swiber Offshore Construction (SOC), the new subsidiary will issue shares making up about 12.6 per cent of its enlarged share capital to the creditors. Before the closing of the initial US$10 million investment, the Swiber group will also conduct an internal restructuring. This will see the group transferring certain assets, including secured and unsecured vessels, a secured leasehold property, shares in certain subsidiaries, and some contracts and intellectual property to the new subsidiary. On April 5, the Middle Eastern conglomerate had sent a preliminary and non-binding expression to Swiber regarding the potential investment, which is subject to satisfactory due diligence, the receipt of necessary approvals and the signing of definitive transaction agreements. Swiber emphasised that as at April 15, no definitive or binding agreements &ndash including any term sheet &ndash have been signed in connection with the possible restructuring deal. The court in January extended the judicial management periods for Swiber and SOC to April 30, 2020. Trading in Swiber shares has been suspended since 2016. https://www.businesstimes.com.sg/companies-markets/swiber-in-talks-for-possible-us200m-cash-investment-bond-issuance |
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Starship
Supreme |
26-Jul-2019 21:17
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Swiber asks again for more time to propose a return to trading FRI, JUL 26, 2019 - 7:48 PM OFFSHORE and marine group Swiber Holdings, which is swimming its way to a rescue by New York-listed Seaspan Corp, has applied for more time to return its shares to action. Under a third extension application made and disclosed on Friday, Swiber would have until Dec 31 - the long-stop date for the Seaspan deal - to give the bourse operator a proposal on resuming trading. The company, which is also under judicial management until Dec 31, argued that it is " not in a position to formulate and submit the resumption proposal" since Seaspan' s planned US$200 million bailout injection and a related power project in Vietnam have not yet gone through. The lion' s share of creditors, who had been in limbo after Swiber defaulted on bond payments from 2016, agreed to the restructuring at a May vote, but shareholders and regulators must still sign on too. " As these matters involve several stakeholders, such discussions are still ongoing," the company has now said, noting that it is also seeking clarification from the Singapore Exchange on " certain issues under the listing manual... in connection with the proposed investment" . Swiber would be in a better position to assess the impact of the planned deals and restructuring " only after there is more certainty as to whether the proposed investment and such other transactions will proceed and, if so, the terms thereof" , the company added. https://www.businesstimes.com.sg/companies-markets/swiber-asks-again-for-more-time-to-propose-a-return-to-trading |
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whereru
Senior |
30-May-2019 08:44
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News look positive, but must wait for maybe a year or 2 more. https://www.oedigital.com/news/466684-creditors-approve-swiber-restructuring-plan |
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swv001
Member |
29-May-2019 13:52
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Does anyone know the result of today' s creditor meeting? | ||||
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Starship
Supreme |
07-May-2019 23:16
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Vote ' yes' for Swiber restructuring, say judicial managers TUE, MAY 07, 2019 - 10:34 PM WITH New York-listed Seaspan Corp dangling a rescue deal for debt-racked Swiber Holdings, the offshore and marine group' s creditors are headed for a vote on the restructuring on May 29. Judicial managers are recommending that the creditors opt for the bail-out, arguing that the likely alternative would be liquidation, which could leave unsecured creditors with nothing. The creditors' meeting has been scheduled for May 29 at Harvest Care Centre in Sims Avenue, just two days before a court deadline, the judicial managers announced on Tuesday night. More than 1,200 creditors, including bondholders via their trustees, can vote on the deal. " Creditors may wish to note that the restructuring proposal does not require creditors to vote on any write-off or compromise of their debts at this stage," the judicial managers - who are also overseeing subsidiary Swiber Offshore Construction - said in their statement of proposals. The restructuring plan offers unsecured creditors new Swiber shares worth a 14 per cent stake, which could be diluted to 12.6 per cent.Swiber' s unsecured creditors could see a recovery rate of between 8.8 per cent and 10 per cent, while unsecured creditors of Swiber Offshore Construction might get 1 per cent to 1.2 per cent back, based on the equity value of the restructured group in five years as estimated by accountancy firm BDO. Under a plan floated in March, container ship company Seaspan could plough up to US$200 million into Swiber - which notoriously defaulted on bond payments from 2016 - in exchange for an 80 per cent stake in a new holding company for assets including five vessels. Swiber has been under judicial management for two-and-a-half years, after it scuppered an earlier decision to ask to be wound up. https://www.businesstimes.com.sg/companies-markets/vote-yes-for-swiber-restructuring-say-judicial-managers |
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granto
Master |
01-Apr-2019 14:44
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Seaspan presses ahead with $200m Swiber investment https://splash247.com/seaspan-presses-ahead-with-200m-swiber-investment/ | ||||
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investshare
Supreme |
01-Apr-2019 05:31
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So dbs got back its money? | ||||
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lukewong82
Master |
01-Apr-2019 03:07
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The shareholding interests of the unsecured creditors of Swiber, existing shareholders, and certain management and professionals involved in the judicial management of Swiber will be reduced to 12.6 per cent, 2.7 per cent and 2.7 per cent, respectively. Hmm.. reminds me of Hyflux.
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FATABA
Supreme |
31-Mar-2019 22:33
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At least is not zero .....w Seaspan as a major SHH in Swiber n the vietnam project....over time ( ok 3/5 yrs) swiber do hv a chance to recover than close shop. At this moment it do looks better then Hyflux ( sorry to say)
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Starship
Supreme |
31-Mar-2019 21:58
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Lelong!!!....................Lelong!!!!..........................  Swiber Holdings signs investment agreement with NY-listed Seaspan, getting up to US$200m shot in the arm SUN, MAR 31, 2019 - 4:34 PM BELEAGUERED Swiber Holdings announced on Saturday that New York-listed box ship player Seaspan Corporation will be investing up to US$200 million in the marine engineering group, in what it says is a &ldquo significant step forward&rdquo in its restructuring. This shot in the arm for Swiber comes after over two years in judicial management. Both Swiber and Seaspan said that in executing the investment agreement, they have modified certain terms previously announced in October 2018 when the parties signed a term sheet. Firstly, an initial investment tranche of US$10 million (previously US$20 million) will be unlocked upon closing in exchange for an 80 per cent shareholding interest in a new holding company to be incorporated into which certain assets of the existing Swiber Group will be transferred. Secondly, upon securing the development stage LNG-to-power project in Vietnam and achieving major project milestones, a subsequent tranche of US$190 million (previously US$180 million) will be used to subscribe for preference shares in Swiber&rsquo s wholly-owned subsidiary, Equatoriale Energy, which will also form part of the New Swiber group. The proposed investment by Seaspan is subject to several conditions, including securing the necessary approvals from creditors, regulators and shareholders. If the restructuring is successful, certain secured creditors of Swiber will be issued 5-year zero coupon secured redeemable convertible bonds amounting to US$120 million in New Swiber. This will allow New Swiber and the restructured New Swiber group to continue to operate the Swiber Group&rsquo s key assets, which include certain specialised construction vessels and its headquarters building at 12 International Business Park, Singapore, which are currently secured to such secured creditors. It is proposed that the unsecured creditors of Swiber, existing shareholders and certain management and professionals involved in the judicial management of Swiber will receive new shares in New Swiber, which will constitute 14 per cent, 3 per cent and 3 per cent shareholding interest, respectively in New Swiber following completion of the initial investment. The secured creditors who will be issued the bonds will, upon conversion of such bonds, be entitled to new shares in New Swiber which will constitute 10 per cent of the enlarged total issued shares of New Swiber, and on a fully diluted basis, Seaspan&rsquo s shareholding interest in New Swiber will be reduced to 72 per cent. The shareholding interests of the unsecured creditors of Swiber, existing shareholders, and certain management and professionals involved in the judicial management of Swiber will be reduced to 12.6 per cent, 2.7 per cent and 2.7 per cent, respectively. As part of the deal, Seaspan will be granted a call option to acquire all the shares of Equatoriale Energy, which option will be exercisable if the initial investment does not complete due to, among others, the conditions not being fulfilled by the prescribed long stop date. Judicial manager Bob Yap, who is also head of restructuring at KPMG in Singapore, said that the recent development is an &ldquo important milestone&rdquo to get Swiber on the road to recovery and that they are &ldquo delighted&rdquo to work with a company of Seaspan&rsquo s reputation. He added: &ldquo There&rsquo s still more work to be done and we believe this investment by Seaspan will result in a better recovery to all stakeholders compared to winding-up.&rdquo The judicial managers previously announced on Nov 26, 2018 that the Singapore High Court had granted an extension of time for a creditors&rsquo meeting to be held by May 31, 2019. https://www.businesstimes.com.sg/companies-markets/swiber-holdings-signs-investment-agreement-with-ny-listed-seaspan-getting-up-to  |
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Qanghoo
Supreme |
31-Mar-2019 08:25
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More likely more requests for further extension of time .....
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Berani
Elite |
30-Mar-2019 22:12
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soon will resume trading
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guards80
Supreme |
10-Dec-2018 19:06
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Will chiong where ??? once resume trading
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guards80
Supreme |
10-Dec-2018 19:04
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Swiber: General Announcement :: APPROVAL OF THE SECOND EXTENSION OF TIME FOR SUBMISSION OF RESUMPTION PROPOSAL | ||||
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granto
Master |
04-Oct-2018 12:01
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Seaspan rescues Swiber with $200m investment https://splash247.com/seaspan-rescues-swiber-with-200m-investment/ | ||||
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FATABA
Supreme |
04-Oct-2018 08:56
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This is definately better then nothing. Furhter this is target at the funding for Vietnam power projects which is a growing market. If carry out well, Swiber do have a good chance of return. Certainly shares is diluted but far better than bankrupt. Certainly shareholders will be happier w this options. My view here.
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shadow
Veteran |
03-Oct-2018 22:08
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Seaspan to invest up to US$200 million in Swiber Group &bull NYSE-listed Seaspan inks binding term sheet for 80% of Swiber&rsquo s enlarged capital and new preference shares in subsidiary Equatoriale Energy &bull Swiber to diversify into power business and restructure debt under deal terms Singapore, 3 October 2018 &ndash Swiber Holdings Limited (&ldquo Swiber&rdquo ) today announced that Seaspan Corporation (&ldquo Seaspan&rdquo ), one of the world&rsquo s largest owners and operators of containerships, has agreed to a proposed US$200 million deal that could pave the way for Swiber&rsquo s recovery. Seaspan, an NYSE-listed company and Swiber, the SGX mainboard listed offshore construction and services group, signed a binding term sheet on 3 October 2018, which is subject to definitive agreements being entered into on mutually agreed terms. Under the terms, Seaspan proposes to invest up to US$200 million in two stages. The first stage is an initial US$20 million in cash for new ordinary shares in Swiber which will give it control of 80% of Swiber&rsquo s enlarged share capital, taking into account shares to be issued to unsecured creditors under a debt restructuring scheme.The remaining US$180 million will be invested by way of subscription of new preference shares to be issued by Swiber&rsquo s wholly-owned subsidiary, Equatoriale Energy Pte. Ltd. This will be subject to Swiber meeting certain milestones relating to the development of a US$1 billion LNGto-powerproject in Vietnam. The proposed transaction is subject to, among others, creditor, shareholder and regulatory approvals. It is intended that the US$20 million will be used towards funding the development of the Vietnam power project, while the remaining US$180 million will be deployed to fund the construction, operation and maintenance of the power project and/or such other purposes as may be agreedbetween Swiber and Seaspan.Swiber will be required to restructure all debts and liabilities by converting them into new Swibershares (for unsecured debts) or secured redeemable convertible bonds for secured creditors.Judicial Manager Bob Yap, who is also Head of Advisory at KPMG in Singapore, said: &ldquo Theconventional oil and gas sector has faced difficult conditions in recent years. However, with growing demand for power in Southeast Asia, there are substantial opportunities for companies to develop clean energy solutions such as power generated from LNG. Against this backdrop, we are delighted that a reputable and established company like Seaspan has chosen to invest in Swiber. We believe that this deal offers a step forward in reviving Swiber as a going concern, and delivering a positive outcome for creditors and shareholders.&rdquo Mr Yap added that Swiber&rsquo s Executive Chairman Raymond Goh and his team, in efforts to diversify the Group&rsquo s business, have spent the last three years focussing on LNG-to-power opportunities in the region. Seaspan President and Chief Executive Officer Mr Bing Chen said: &ldquo We are excited to partner with Swiber. Together, with Swiber&rsquo s operational and engineering capabilities, Seaspan&rsquo s leading maritime asset management platform, and our Chairman David Sokol&rsquo s energy-related expertise, we will unlock substantial value.&rdquo Seaspan, listed on the New York Stock Exchange, is a leading independent owner and operator of containerships with industry leading ship management services. It charters vessels primarily on long term, fixed rate, time charters to the world&rsquo s largest container shipping liners including Maersk, COSCO, K-Line, MOL and ANL Singapore. Seaspan has offices in Hong Kong, Canada, India, United States, and Marshall Islands. Its operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU. Last year, it reported revenue of US$831.3 million and net earnings of US$175.2 million |
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shadow
Veteran |
03-Oct-2018 22:01
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Swiber new deal with Seaspan.. Seaspan to invest up to US$200 million in Swiber Group !
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