Vallianz Rejects Payment Request from Swiber Managers
(Photo: Vallianz Holdings)
Vallianz Holdings, which provides support vessels for the oil industry, said on Wednesday it had refused a request from the judicial managers of shareholder Swiber Holdings to pay around $63.5 million in outstanding dues.
Vallianz, in a statement, said Swiber, which owns around 25 percent of Vallianz, owed it a similar amount and that should be taken into account.
Oilfield services group Swiber applied last month to place itself under judicial management, rather than liquidation, as it faced hundreds of millions of dollars in debt and a decline in orders.
It is Singapore's biggest corporate casualty of the slump in oil prices.
Vallianz said it owed Swiber about $67.3 million in trade and other payables as of June 30 and was also owed about $65.9 million in trade and other receivables by Swiber.
(Reporting By Aradhana Aravindan; Editing by Susan Fenton)
