Swiber Mulls Legal Action Against Londoon-based Private Equity Firm AMTC

The interim judicial managers (IJMs) of Singapore's financially troubled offshore construction and support services provider Swiber Holdings Ltd. said Thursday the company is considering legal action against AMTC Ltd., a London-based private equity firm, for breaching the terms of an agreement to subscribe for preference shares in the former.

AMTC signed a deal June 9 with Swiber Investment Ltd. (SIL) to subscribe for 1,000 preference shares in the latter for $200 million, with completion to take place on or before June 16. The investor confirmed to SIL in writing that they had satisfactorily completed their due diligence and that SIL had fulfilled all its obligations under the Subscription Agreement.

Both parties subsequently agreed to amend the completion date to June 29, with AMTC confirming that it would make payment on or prior to the new deadline. Another request by ATMC to further extend the deadline for making payment to June 27 was rejected by SIL, resulting in AMTC breaching the terms of the Subscription Agreement. SIL's July 2 letter of demand to AMTC to make payment of the monies due under the Subscription Agreement met with no response.

"SIL has engaged legal advisors to advise on the next legal course of action by SIL against AMTC to enforce their legal rights," the press release said.

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