Singapore-based Swiber Holdings on Tuesday said the creditors have commenced the voluntary liquidation of its unit Swiber Engineering.
The oil and gas firm said that the Swiber Engineering's board has appointed Lok Peng Chuan and Adrian Hong Boo Kiat, both care of KPMG Deal Advisory, as the joint and several interim liquidators.
Swiber Holdings embarked on a court-led restructuring of its debt last year as the energy support sector struggles from three years of weak oil prices.
The liquidation filing came after a nearly 90 percent plunge in share prices from mid-2014 levels that reduced the oil and gas firm's market value to just S$50 million. The trading in Swiber's stock has been suspended since then.
However, Swiber reversed the application for winding up and requested for placing itself under judicial management.
The debt-laden firm also defaulted on its coupon payment due on August 2.