Vallianz won’t pay $63 million sought by Swiber judicial managers

Vallianz won't pay $63 million sought by Swiber judicial managers

Vallianz Holdings, a Singapore-based offshore vessel owner, does not want to pay a multi-million claim sought after by Interim Judicial Managers of Swiber Holdings, a struggling oilfield services provider.

In a statement on Wednesday, Vallianz Holdings said it had been served with letters from the interim judicial managers of Swiber Holdings Limited – a controlling shareholder of Vallianz – and of Swiber’s subsidiary, Swiber Offshore Construction Pte Ltd, seeking payments totaling some $63.5 million which the judicial managers claim Vallianz owes to Swiber entities.

Vallianz said that it declined to make such a payment. The company said the nature of the relationship between Swiber and Vallianz, whereby the two companies have had “substantial commercial dealings” saw Vallianz providing services to Swiber, which also lead to Swiber owing to Vallianz.

Thus, Vallianz said “receivables due to the Vallianz Group that are owed by the Swiber Group must be taken into account” when making payment request (63.5 million) by the Swiber Group from the Relevant Vallianz Entities.

Vallianz even acknowledges that as at June 30, 2016, it had trade payables and other payables owing to Swiber Group entities amounting to approximately US$67.34 million, the amount larger that the one asked for by the interim judicial managers.

However, at the same time, Vallianz claims Swiber Group owes it some $65.92 million.

The company has informed the Swiber judicial managers on its decision not to pay and on the reasons for such action.

“The company is awaiting a response from the IJMs on the above and will make further announcements on any further material developments as and when appropriate in consultation with its Sponsor, legal and professional advisers,” Vallianz said.

To remind, cash-strapped Swiber said on Monday that a total sum of claims against the company had reached almost $200 million.

Offshore Energy Today reported earlier that Swiber applied to wind up the company following demands from creditors and requested to be placed under provisional liquidation back in July. The company withdrew its wind up application several days later and opted to go under judicial management.

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