Deals
London Talks, $146 Million DBS Cash Fail to Keep Swiber Afloat
- Proposed investment from private-equity firm never came
- DBS gave two short-term loans to help Swiber redeem bonds
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A proposed investment that never happened, talks in London and Singapore, and a last-minute overdraft facility from DBS Group Holdings Ltd. all failed to prevent Swiber Holdings Ltd. from filing for liquidation, according to court documents seen by Bloomberg News.
The saga, which began when executives of the Singapore-based company pushed to complete a $200 million deal with London-based private-equity firm AMTC Ltd., gave the outside world little hint about what was brewing, the documents show. Swiber even repaid two bonds totaling S$205 million ($153 million) during that period. On Aug. 2, it retracted its surprise winding up plan and instead sought court approval to appoint judicial managers to help reorganize its business.