Swiber

[Wt_know]

who pay for the rescue fund?

swiber executives continue to laugh to the bank with their million dollar pay and bonuses

 

if this is true. swiber is a big MLM scam that keep rolling over to cash out ...

 

On paper, Swiber appeared to be extremely profitable. Its earnings had grown from US$12.14 million in 2006 to US$90.81 million seven years later in 2013... But buried in the details is the fact that the cash flow which Swiber got from its business was negative for almost every year between 2006 and 2013, dwarfing the accounting profit which it recorded.

 

 

Hopefully, Swiber can continue its business.  Too many jobs tied to this company, plus bondholders and shareholders.  It will be a pity if Swiber cannot be rescued.  We will know by next month.

 

Edited September 6, 2016 by Wt_know

[Scion]

One by one ....

 

reminds me of this old song...

 

"Step by step, Heart to heart, Left right left. We all fall down, Like toy soldiers"

[Sunny]

read somewhere

 

new CEO......and the ex CEO yeo act as advisor? 

[Wt_know]

change pot same soup ...

you scratch my back i scratch yours ...

all shout huat ah!

 

read somewhere

new CEO......and the ex CEO yeo act as advisor? 

 

[Wyfitms]

piyush will continue laughing to the bank la

 

hmm.. i think he literally does that every day going to work 

[Wyfitms]

read somewhere

 

new CEO......and the ex CEO yeo act as advisor? 

 

sometimes being fired and retained as interim advisor is even more rewarding with bigger pay package minus responsibilities    

[Blueray]

no picture no sound from the ang moh investor already ... 

[Jamesc]

Prospects of saving Swiber reasonable, says KPMG

.....

 

It warned that, in a liquidation scenario, unsecured creditors including bondholders could expect to recover only two cents on the dollar from Swiber, and four cents on the dollar from SOC. The Straits Times understands the recovery rate is expected to be higher under a JM, but this cannot be determined pending a restructuring plan.

 

.....

 

http://www.straitstimes.com/business/companies-markets/prospects-of-saving-swiber-reasonable-says-kpmg

 

 

That's really good news.

 

They could have lost everything.

 

  

[Wt_know]

cut loss at 98% or pump in more money to lose more?

it's like gambler in RWS or MBS who had gambled for 2 nights ... cut loss now or try his luck to "win back"

Edited September 7, 2016 by Wt_know

[Duckduck]

hmm.. i think he literally does that every day going to work 

 

hes a joke lah. wat has he done for dbs since being ceo? best online bank? how abt spending more money on credit risk officers so they dont lose more $?

[Throttle2]

hes a joke lah. wat has he done for dbs since being ceo? best online bank? how abt spending more money on credit risk officers so they dont lose more $?

Wah no pang chan ah?

[Blueray]

SGX goes after Swiber in potential rule breach (Amended)   It cites disclosure lapses on US$710m West Africa project

.....

 

SGX, in taking in Swiber's responses, has however, noted disclosure lapses on the listed group's order book.

 

"The company did not inform its shareholders and the investing public about the delay in the US$710 million project during a prolonged period from Dec 15 2014 to July 8 2016," SGX wrote.

 

In addition, the US$710 million project was accounted for "in all (Swiber's) disclosures on the group's order book without any qualification that the contract has yet to be signed or the project has been delayed", the regulator added.

 

.....

http://www.businesstimes.com.sg/companies-markets/sgx-goes-after-swiber-in-potential-rule-breach

 

[Blueray]

AusGroup, Marco Polo seek to extend bond maturities

 

.....

 

AusGroup said yesterday it is proposing to extend the original maturity date of the notes by two years to Oct 20, 2018. It is also looking to get a waiver for any non-compliance or potential non-compliance with various provisions of the trust deed notes, as well as make amendments including, but not limited to, the deletion of the financial covenants.

 

In return, the group will raise the interest rate to 7.95 per cent a year from Oct 20, 2016, to Oct 19, 2017, as well as to 8.45 per cent a year from Oct 20, 2017, to Oct 19, 2018.

.....

 

Meanwhile, Marco Polo Marine is also planning to seek consent for a bond maturity extension for $50 million worth of notes maturing on Oct 18. This follows an informal meeting with its noteholders yesterday, which was convened to present an independent business review conducted by KPMG, and to explore the various options relating to the upcoming maturity of the notes.

 

.....

 

Last week, container ship operator Rickmers Maritime said it has been offered a deal of up to US$260.2 million (S$355 million) to refinance all of its outstanding debt, which could extend the maturities of a large part of the trust's secured bank debts to the first quarter of 2021.

 

 

http://www.straitstimes.com/business/companies-markets/ausgroup-marco-polo-seek-to-extend-bond-maturities

[Enye]

AusGroup, Marco Polo seek to extend bond maturities

 

.....

 

AusGroup said yesterday it is proposing to extend the original maturity date of the notes by two years to Oct 20, 2018. It is also looking to get a waiver for any non-compliance or potential non-compliance with various provisions of the trust deed notes, as well as make amendments including, but not limited to, the deletion of the financial covenants.

 

In return, the group will raise the interest rate to 7.95 per cent a year from Oct 20, 2016, to Oct 19, 2017, as well as to 8.45 per cent a year from Oct 20, 2017, to Oct 19, 2018.

.....

 

Meanwhile, Marco Polo Marine is also planning to seek consent for a bond maturity extension for $50 million worth of notes maturing on Oct 18. This follows an informal meeting with its noteholders yesterday, which was convened to present an independent business review conducted by KPMG, and to explore the various options relating to the upcoming maturity of the notes.

 

.....

 

Last week, container ship operator Rickmers Maritime said it has been offered a deal of up to US$260.2 million (S$355 million) to refinance all of its outstanding debt, which could extend the maturities of a large part of the trust's secured bank debts to the first quarter of 2021.

 

 

http://www.straitstimes.com/business/companies-markets/ausgroup-marco-polo-seek-to-extend-bond-maturities

 

 

if individual owe bank  money and no money to pay, he would be bankrupted first then work out repayment schedule 

 

companies no money to pay, no need to be bankrupted but can work out longer repayment schedule

 

how come leh?

 

[Wt_know]

because peasant got small balls ... going to bankrupt company got big balls

whose balls bigger call the shot ... like USA is calling the shot now with their AMDK Feds

 

if individual owe bank  money and no money to pay, he would be bankrupted first then work out repayment schedule 

companies no money to pay, no need to be bankrupted but can work out longer repayment schedule

how come leh?

 

 

[Jamesc]

Can bully the weak and poor people because they cannot fight back.

 

How to bully the rich, powerful and well connected? They will fight back

 

and have even more resources.

 

Old saying owe the bank a million and cannot pay, you have a problem.

 

Owe the bank a billion and cannot pay, the bank has a problem.

 

 

 

[Blueray]

Swiber defaults on bond payment again

 

 

Beleaguered oil field services firm Swiber Holdings has defaulted on a coupon payment due yesterday for its 450 million yuan (S$92.3 million) fixed-rate notes - the second bond payment it has defaulted on since its judicial management application in July.

 

According to the judicial managers' report earlier this month, Swiber has US$258.6 million (S$354 million) outstanding as of July 31 on three notes under a $1 billion multi-currency medium-term programme.

 

One of these three is the 450 million yuan note, on which Swiber had a 17.44 million yuan coupon payment due yesterday, according to court papers.

.....

 

Swiber roiled the local bond market last month after it defaulted on a $4.88 million coupon payment that came due on Aug 2 on a $150 million sukuk note. This was part of a US$500 million multi-currency Islamic Trust certificate issuance programme.

.....

 

http://www.straitstimes.com/business/companies-markets/swiber-defaults-on-bond-payment-again

 

[Wt_know]

no money how to pay?