Swiber

Swiber to be placed under Judicial Management
- Judicial managers, KPMG should make updates to creditors every 6 weeks
- All of Swiber's creditors expressed "no objection" or took "no position"on the application
- "Clearly no dispute that Swiber is insolvent", a question of whether there is a real prospect of rehabilitating Swiber under the JM
- A JM would result in a more orderly disposal of its assets compared with a winding-up
- Returns likely to be better under JM than liquidation if projects contribute accordingly