Swissco Holdings is facing mounting pressure from bondholders looking to enforce repayment of notes worth SGD 100m ($71.9m).
During an informal meeting held yesterday, 55 individuals representing 25% of the notes submitted a notice of acceleration to Swissco.
With this document, the individuals have requested that the trustee give notice to Swissco that the notes are immediately repayable.
The individuals also stated that they wish to directly take legal steps and actions to enforce repayment of the notes.
But Swissco said it did not accept this argument. “The company is unable to regard the document issued on behalf of the 55 individuals as being valid notification that the notes are immediately repayable,” the company said.
In its effort to survive the Singaporean owner has said it is seeking new charters for idle ships at the same time as considering some vessel sales.
As the company has an outstanding interest payment since 16 October, the trustee has once again said there is an event of a default and has reserved its right to take “whatever remedial actions it deems necessary”.
