The investor plans to do this by injecting an initial US$10 million through the subscription of new shares in the new subsidiary, accounting for about 80 per cent of this subsidiary’s enlarged share capital.
The potential deal will also have a debt restructuring component. This includes the new subsidiary issuing redeemable convertible bonds to certain secured creditors, to address Swiber Holdings’ liabilities to those secured creditors. For the unsecured creditors of Swiber Holdings and Swiber Offshore Construction , the new subsidiary will issue shares making up about 12.6 per cent of its enlarged share capital to the creditors.
This will see the group transferring certain assets, including secured and unsecured vessels, a secured leasehold property, shares in certain subsidiaries, and some contracts and intellectual property to the new subsidiary.