Another Singaporean owner finds a White Knight

The judicial managers at offshore vessel owner Swissco Holdings Limited in Singapore have confirmed that a number of wholly-owned subsidiaries of the company have entered into a master sale and purchase agreement.

In a statement, the judicial managers said an agreement had been concluded with Asian Strategic Turnaround Ventures Pte Ltd. The companies have entered into the agreement in relation to the proposed disposal of a substantial part of the group’s offshore support vessels division.

The companies in question are: Swissco International Pte Ltd; Swissco Offshore Pte Ltd; Swissco Maritime Pte Ltd; Swissco Ship Services Pte Ltd; Swissco Asia Pte Ltd; and Singapore Marine Logistics Pte.

Swissco Holdings appointed Ernst & Young Solutions LLP as independent financial advisor to the group in Q3 2016, to assist in the refinancing and restructuring of the company’s notes. The company filed for judicial management in November 2016.