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Marco Polo Marine Expresses Doubt On Ability To Continue As Going Concern

Mainboard-listed Marco Polo Marine said on Thursday (Sept 22) there may be a "substantial doubt about the group's ability to continue as a going concern", The Straits Times reported. Its statement to the Singapore Exchange accompanied ...

Daily Headline - global.abi.org - 09/21/2016 - 23:07 - 0 comments

Singapore's Swiber To Default On Coupon Payment

Troubled Singaporean oilfield services firm Swiber Holdings said late on Friday it was unable to make the coupon payment for its 450 million yuan ($67.5 million) fixed rate notes due on Sunday. The company applied in July to place itself under judicial m ...

Daily Headline - global.abi.org - 09/18/2016 - 18:16 - 0 comments

Singapore Shipping Trust Seeks Debt Restructuring

A Singapore-based shipping trust that operates container ships is asking creditors for leniency on about $253 million of debt, in the latest sign of debt woes in the industry and in the city-state, the Times of Oman reported. Rickmers Maritime won’t ...

Daily Headline - global.abi.org - 09/15/2016 - 22:49 - 0 comments

Insolvency Cases Running High

The number of firms in Singapore being wound up after encountering financial trouble is set to be on a par with last year's number, which was the highest in 11 years, The Straits Times reported. These figures may even understate the levels of di ...

Daily Headline - global.abi.org - 08/29/2016 - 22:33 - 0 comments

Singapore Feels Aftershock Of Swiber's Fall

Three weeks into the sudden collapse of Swiber Holdings - the first major casualty of a protracted slump in oil prices - concerns are emerging over possible spillover into the local economy as one-fifth of manufacturing employment is linked to the beleag ...

Daily Headline - global.abi.org - 08/16/2016 - 22:39 - 0 comments

Oil And Gas Downturn Spells Trouble For Singapore

Singapore Inc is facing mounting concerns as the city-state’s long-successful oil and gas sector turns sour with the oil price slump, the Financial Times reported. Oil and gas services have been a lucrative niche for the country. It is the world’s bi ...

Daily Headline - global.abi.org - 08/07/2016 - 21:45 - 0 comments

Mahathir Hits Out At Singapore Over 1MDB Inaction

Mahathir Mohamad has attacked Singapore’s handling of alleged money-laundering linked to Malaysian state investment fund 1MDB. In an interview with the Financial Times, Malaysia’s influential former prime minister accused Singapore of failing to targ ...

Daily Headline - global.abi.org - 08/01/2016 - 23:46 - 0 comments

Swiber Applies For Judicial Management Instead Of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation, Reuters reported. Swiber shocked markets earlier this week by filing for liquidation, as it faced hund ...

Daily Headline - global.abi.org - 07/31/2016 - 22:20 - 0 comments

DBS Expects To Recover Half Of Its $517 Million Exposure To Swiber

DBS Group Holdings, Singapore's biggest lender, said it expects to recover about half of its total exposure of S$700 million ($517.4 million) to Swiber Holdings Ltd, the oilfield services provider that filed to wind up operations, Reuters reported. ...

Daily Headline - global.abi.org - 07/28/2016 - 22:51 - 0 comments

China Fishery’s Bankruptcy Bid Deepens Bond Pain on Peru Concern

Bondholders are suffering as a fishmeal supplier’s bankruptcy filing flags doubts among lenders that it will extract enough value from its assets in Peru to repay creditors, Bloomberg News reported. China Fishery Group Ltd. filed for protection under Cha ...

Daily Headline - global.abi.org - 07/27/2016 - 22:12 - 0 comments

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