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24-07-2016, 12:38 AM
(This post was last modified: 24-07-2016, 12:43 AM by CY09.
Edit Reason: edits
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http://www.homilychart.com/hw_content/en_183706.html
More retrenchment? IMO, yes, with US400 mil of bonds maturing by Sept 17 and the company producing annually about 60 mil of ops cash flow after interest and tax and currently only having about US$100 mil cash, I wonder how they will make up the short fall..
Best way is cut redundant manpower and vessels.
It is ironic that during SG50 NDP, Swiber sent a contingent to join in the parade, waving their company flag with pride. Come Aug 17, I wonder how many of these members will be left.
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Just released announcement on SGX queries.....
http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414018
The situation appears quite severe!
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26-07-2016, 09:20 AM
(This post was last modified: 26-07-2016, 09:21 AM by CY09.
Edit Reason: edits
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USD 15 mil of outstanding unpaid debts as of 26 July 16.
To add to that USD 70 mil notes are due in Oct 16 and 112 mil in Apr 17.
IMO, its definite Swiber will be doing asset sales to cover these tranches of repayment, otherwise it faces a winding up order similar to Tehnics. And if it survivies, there is 1.5 more years to repay another 210 Mil of notes.
Swiber urgently needs a bank backing to tide over their cashflow. And the interest must not be too hight. Perhaps it can follow Ezion and seek DBS's help. After all, DBS was willing to help Ezion by being the guarantor to Ezion's bond. Perhaps DBS also willing to back Swiber?
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28-07-2016, 08:26 AM
(This post was last modified: 28-07-2016, 08:27 AM by desmondxyz.)
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(28-07-2016, 08:26 AM)desmondxyz Wrote: Another O&G company go burst.....
http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404
and in just one single stroke!! Just also imagine for Swiber's bankers, bond holders..
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(28-07-2016, 08:48 AM)dydx Wrote: (28-07-2016, 08:26 AM)desmondxyz Wrote: Another O&G company go burst.....
http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404
and in just one single stroke!! Just also imagine for Swiber's bankers, bond holders..
Imagine for the equities holders. confirmed ZERO.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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28-07-2016, 09:51 AM
(This post was last modified: 28-07-2016, 09:54 AM by CY09.
Edit Reason: edits
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I am interested to know how much the receivables, construction in progress (inventories) and PPE are worth when they are being liquidated. It will give us a rough guage to the value of companies's assets such as Ezion, Ezra and even Penguin
Their current stated book value is in the region of USD1.5 billion. It will take a 30% discount to the sale of these assets to wipe out equity holders (which is possible). After which, it is down to how much haircut each bondholder will take.
Also, wondering if this means now the entire staff at Ezion HQ in Singapore will be let go.
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(28-07-2016, 08:48 AM)dydx Wrote: (28-07-2016, 08:26 AM)desmondxyz Wrote: Another O&G company go burst.....
http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404
and in just one single stroke!! Just also imagine for Swiber's bankers, bond holders..
FYI to everyone...
Swiber's bankers are from:
Bank Of Amercia
Citibank
DBS
Deutsche Bank
Info sent by my broker...
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(28-07-2016, 09:56 AM)marandaz Wrote: (28-07-2016, 08:48 AM)dydx Wrote: (28-07-2016, 08:26 AM)desmondxyz Wrote: Another O&G company go burst.....
http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404
and in just one single stroke!! Just also imagine for Swiber's bankers, bond holders..
FYI to everyone...
Swiber's bankers are from:
Bank Of Amercia
Citibank
DBS
Deutsche Bank
Info sent by my broker...
No Wonder DBS also dropped.....Any idea how much exposure?
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(28-07-2016, 09:56 AM)marandaz Wrote: (28-07-2016, 08:48 AM)dydx Wrote: (28-07-2016, 08:26 AM)desmondxyz Wrote: Another O&G company go burst.....
http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404
and in just one single stroke!! Just also imagine for Swiber's bankers, bond holders..
FYI to everyone...
Swiber's bankers are from:
Bank Of Amercia
Citibank
DBS
Deutsche Bank
Info sent by my broker...
Hi Marandaz,
The full list of Swiber Principal bankers are:
BOA,citibank, DBS, Deutsche, ICICI, Maybank, Siam commercial Bank , HSBC, UOB, RHB
Info obtained through annual report in 1 minute 
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