They were once the darlings of the Singapore Exchange. During the peak of the offshore boom between 2004 and 2014, Singapore-listed Swiber Holdings, Vallianz Holdings, Otto Marine, Ezra Holdings, Pacific Radiance and Swissco Holdings had no trouble borrowing cash to fund their ambitious growth plans.
Then in mid-2014, the market tanked.
In quick succession, starting with Swiber in late 2016, all filed for judicial management as loan and bond payments came due.
