Swiber

[Voodooman]

Well partially true.. i believe Tuas Power is is now owned by the Chinese is using also using Thermal coal

 

 

To be precise, less than 2% from coal, >95% gas.

 

https://www.ema.gov.sg/cmsmedia/Publications_and_Statistics/Statistics/27RSU.pdf

[tenyawph]

The more sober part is that, they will NOT be able to find another job in the same high paying capacity as this sector is in doldrums.

 

So imagine those with a huge mortgage to pay....... Ooooooooohhhhhh....... Good luck.

 

 

Are you one of them?  You have no job, and you have a huge monthly expenses to pay (similar to a huge mortgage).  How long can you depend on your stock of expensive watches to get by, before they are depleted?

 

Maybe you have passive income that you are not telling us....like stock trading?

[Yeshe]

Are you one of them? You have no job, and you have a huge monthly expenses to pay (similar to a huge mortgage). How long can you depend on your stock of expensive watches to get by, before they are depleted?

 

Maybe you have passive income that you are not telling us....like stock trading?

Are u kidding me that you have to ask this question??

[Voodooman]

Are you one of them? You have no job, and you have a huge monthly expenses to pay (similar to a huge mortgage). How long can you depend on your stock of expensive watches to get by, before they are depleted?

 

Maybe you have passive income that you are not telling us....like stock trading?

I don't know how you get your NOS status without knowing the who and who in MCF. LOL Edited September 4, 2016 by Voodooman

[BanCoe]

???? merged with what thread??  I search oso cannot find ; Under what heading now ??  

@Radx neber reply sumore?? Hanjin merged with thread what ni??   Lau-chiobu one ?? 

[RadX]

@Radx neber reply sumore?? Hanjin merged with thread what ni?? Lau-chiobu one ??

Search la

 

Think also mentioned in recession thread haaaa

[BanCoe]

Search la

 

Think also mentioned in recession thread haaaa

Aiyoh! Hanjin is #1 biggest shipping line in S Korea leh! ..... must give some topic space maybe lah

Swiber is nothing much compared to Hanjin in terms of strength.......

[RadX]

Aiyoh! Hanjin is #1 biggest shipping line in S Korea leh! ..... must give some topic space maybe lah

Swiber is nothing much compared to Hanjin in terms of strength.......

Ok u start

 

Then I ban u haaaa

 

Start la bro... Agree it deserves space

 

Thanks

[BanCoe]

Ok u start

 

Then I ban u haaaa

 

Start la bro... Agree it deserves space

 

Thanks

Aiyoh!!   liddat oso  I...... 

This one later APL (NOL)/ COSCO  also can join in ... you Start lah Unker !!..... You MY  big Prembree Tree Unker leh! I very shy  one you know leh  

 

Got many Bros here in similar marine bisness   

[Blueray]

Spotting the next one in a Swiber fix

.....

 

But going by the account given by DBS Group Holdings chief executive Piyush Gupta at his bank's results briefing last month, there was little to go by until a few months before its implosion to suggest that Swiber was on the verge of collapse.

He observed that as at end-June, Swiber had "zero overdues" with the bank on any outstanding working capital, while its order backlog was $1.35 billion in February. "By every dimension, at the end of the first quarter, you would say that the company was doing well. There's nothing to tell you until March or April that there was any problem."

.....

But while DBS and Swiber bond holders nurse their losses, the biggest shock for the rest of us must be to learn that Swiber, which was worth only $51 million when it failed in late July, owed DBS a whopping $721 million and bond holders an equally eye-popping sum of $551.8 million.

Those sums combined are much bigger than the $520 million loss sustained by almost 10,000 investors during the Lehman Brothers minibond debacle eight years ago.

.....

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.

.....

http://www.straitstimes.com/business/spotting-the-next-one-in-a-swiber-fix

 

[Wt_know]

another toxic bonds

 

But while DBS and Swiber bond holders nurse their losses, the biggest shock for the rest of us must be to learn that Swiber, which was worth only $51 million when it failed in late July, owed DBS a whopping $721 million and bond holders an equally eye-popping sum of $551.8 million.

Those sums combined are much bigger than the $520 million loss sustained by almost 10,000 investors during the Lehman Brothers minibond debacle eight years ago.

Edited September 5, 2016 by Wt_know

[Ktglfc]

another toxic bonds

 

 

 

I am really scared of those companies that issued a lot of bonds ... madness ...

[Blueray]

Swiber says managers see ‘reasonable prospect’ to save company

 

.....

 

SINGAPORE — Swiber Holdings Ltd said its court-appointed managers have indicated a “reasonable prospect” of saving the Singaporean energy-services company from its debt burdens.

 

Major suppliers, vendors and creditors are willing to work with the managers KPMG to help the troubled firm complete its ongoing projects, Swiber said in an e-mailed statement on Monday (Sept 5), citing a report filed by KPMG to Singapore’s High Court.

 

The auditing firm, appointed as judicial managers about a month ago, has received 24 expressions of interest including proposals from potential investors to finance Swiber’s debt and projects, according to the statement.

 

“The prospects for saving the Swiber group hinges on the support from stakeholders and its ability to complete some $1.67 billion worth of secured projects, which could in turn pave the way for a restructuring exercise,” the statement said. Such a restructuring “would lead to a better outcome for creditors than under a winding up scenario”.

.....

http://www.todayonline.com/business/swiber-says-managers-see-reasonable-prospect-save-company

[Throttle2]

Save it from failing in the short term but in the longer term?

 

Someone in DBS better take the rap for this big loss.

Whether Piyush or whoever, whatever....

[Voodooman]

Save it from failing in the short term but in the longer term?

 

Someone in DBS better take the rap for this big loss.

Whether Piyush or whoever, whatever....

Someone (probably plural) is definitely taking the rap but usually it is not the most senior people, certainly not Piyush.

[Wt_know]

piyush will continue laughing to the bank la

[Blueray]

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

[tenyawph]

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.