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Default Fears Resurface Over Singapore's Looming Debt Wall

Default fears are resurfacing in Singapore ahead of a wall of maturing corporate debt, as a U.S. bankruptcy filing by a firm from the city flags lingering pain despite economic recovery, Bloomberg News reported. Pressure to pay down obligations has been ...

Daily Headline - global.abi.org - 03/20/2017 - 22:22 - 0 comments

The Subdued Mood In Singapore’s Financial Industry

Singapore owes its existence, and its prosperity, to its place at the heart of intra-Asian trade, The Economist reported. In more than 50 years of independence, the city-state has striven mightily to attract investment from all over the world. Such h ...

Daily Headline - global.abi.org - 03/09/2017 - 20:59 - 0 comments

Singapore's Big Banks' Bad-Loan Woes May Be Getting Worse

The woes of Singaporean energy-services provider Ezra Holdings Ltd. are a stark reminder to the city’s biggest banks of the threat souring oil and gas loans pose to their earnings. A writedown flagged by Ezra recently has refocused attention on the debt- ...

Daily Headline - global.abi.org - 02/12/2017 - 22:35 - 0 comments

Oceanus In Debt Restructuring Deal With Key Creditors

Homegrown premium seafood supply chain manager Oceanus Group has entered into a binding term sheet with its key creditors in relation to a proposed debt restructuring, The Business Times reported. This is done by converting 76.4 per cent of its total ...

Daily Headline - global.abi.org - 01/24/2017 - 22:53 - 0 comments

Falcon Bank’s Former Singapore Manager Sent to Prison in 1MDB Probe

A Singapore court Wednesday sentenced a former branch manager of Switzerland’s Falcon Private Bank AG to prison for crimes connected to the alleged multibillion-dollar misappropriation at Malaysian state investment fund 1MDB, The Wall Street Journal ...

Daily Headline - global.abi.org - 01/11/2017 - 23:44 - 0 comments

Singapore Puts Banker on Trial in Case Linked to 1MDB Money Laundering

A private banker who helped manage the accounts of Malaysian state investment fund 1MDB went on trial Monday in Singapore. The proceedings against Yeo Jiawei, 33 years old, formerly a wealth manager at the local branch of Swiss bank BSI SA, marks a step ...

Daily Headline - global.abi.org - 11/01/2016 - 21:52 - 0 comments

Marco Polo Noteholders Approve Debt Restructuring

Marco Polo Marine’s noteholders have voted to approve a restructuring S50m ($36m) of the Singapore-listed company’s debt, which will give the offshore supply vessel operator breathing space. As a result of the vote, the ordinary maturity date of the note ...

Daily Headline - global.abi.org - 10/16/2016 - 22:19 - 0 comments

Singapore Court Approves Judicial Management For Troubled Swiber

A Singapore court on Thursday appointed financial advisory firm KPMG as judicial manager for Swiber Holdings Ltd, allowing the troubled oilfield services firm to be kept under a process through which it could be nursed back to health, Reuters reported. S ...

Daily Headline - global.abi.org - 10/06/2016 - 20:49 - 0 comments

Swissco Joins Debt Restructuring Frenzy

The oil price rebound has come too late with another firm in the offshore sector joining the debt restructuring frenzy amid the most brutal industry downturn in 30 years, The Straits Times reported. Singapore-listed rig and vessel chartering group Sw ...

Daily Headline - global.abi.org - 10/04/2016 - 21:31 - 0 comments

Another Shipping Insolvency: Rickmers Maritime Trust

Hanjin isn’t the only player in the ocean shipping world that has become insolvent, Global Trade reported. Rickmers Maritime Trust (RMT), a Singapore-listed owner of containerships has become the latest casualty in a growing list of containership owners ...

Daily Headline - global.abi.org - 10/03/2016 - 19:08 - 0 comments

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