Swissco Unable to Make Coupon Payment
Singapore-listed offshore firm Swissco Holdings could not pay out a $2.85 million coupon due next Friday and had no plans for its next course of action, says a report in Straits Times.
Bond holders who had each sunk about $250,000 into the notes two years ago were told that Swissco faced a US$147.5 million (S$202.7 million) bank debt maturing from now until 2020.
They also heard how the firm has cash holdings of just US$1.2 million and a monthly cash burn of US$1.5 million.
Of its fleet of seven drilling rigs four were idle, while three rigs it owns 50 -50 with Ezion were onhire but the charterer was failing to make payments.