Pursuits
DBS Gave Swiber Bridging Loan Before Its Liquidation Filing
- Swiber’s projects had been ‘on track’ with no overdue payments
- Oil-services firm is now seeking judicial management
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Singapore’s largest bank was supporting Swiber Holdings Ltd. until just before the troubled oil services company said it was unable to pay its debts.
DBS Group Holdings Ltd. provided a bridging loan to Singapore-based Swiber shortly before it filed for liquidation, the bank said in an e-mail late Tuesday. At the time, Swiber was executing a restructuring plan that included bringing in a new investor to address its high debt levels by boosting equity, DBS said in reply to questions from Bloomberg News. The oil company was also refinancing some of its vessels to raise cash, the bank said.