Managers win more time to restructure Swiber

Court-appointed team have until 23 March to submit plan to creditors.

The judicial managers of struggling Swiber Holdings have been granted longer to restructure the Singapore offshore shipping company.

They said the country's high court granted their application for an extension of the deadline for submitting proposals to creditors.

This now has to happen by 23 March next year.

The court also stretched the management period for another 180 days to 1 October.

An informal creditors meeting will take place in January.

Swiber was put under court-appointed management in October due to the OSV shipping slump.