rss icon Subscribe
desktop mobile

Ezra Holdings Files for Bankruptcy in US

Pic: Ezra Holdings

Aiswarya Lakshmi

Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported.

Ezra has been facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years.
The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will hold an informal meeting as soon as "reasonably practicable" to update and provide further information on the Chapter 11 filing to holders of its debt, it said in a separate statement.
Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014.
The company has also reached out to and intends to work with the Securities Investors Association (Singapore).
The company's stock lost a fifth of its value in early March after it disclosed it had provided guarantees on nearly $900 million in liabilities and loans of Emas Chiyoda Subsea, an affiliate the also filed for U.S. bankruptcy.
Business Times said that the latest filing adds to the troubles faced by offshore oil and gas services companies in Singapore whose contracts have been pushed back or canceled as a slide in crude prices forced explorers to cut spending.
Swiber Holdings Ltd and Swissco Holdings Ltd earlier won court approval to reorganize their debt, while others like Ezion Holdings Ltd and KrisEnergy Ltd. sought and won forbearance from creditors and lenders.

Mar 19, 2017

 

Finance

The Challenge of Marine Asset Appraisal

Image: © Danial / Adobe Stock

While large shipping asset deals are often financed through the major capital markets

Suez Canal Authority, DP World Present Sokhna World Zone

Map: Suez Canal Special Economic Zone (SCZone)

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish

Golden Ocean Adds New Vessels

Golden Ocean Group Limited (GOGL) announced that it has entered a deal to acquire two Capesize bulk carriers from affiliates of Hemen Holding Limited at a purchase price of $43

Legal

Suspected Pirates Apprehended off Somalia

Six suspected pirates and their vessels were detained following reported attacks on a containership and a fishing vessel off Somalia (Photo: EU NAVFOR Somalia)

Six suspected pirates were apprehended by the European Union’s antipiracy force off the coast of

Ship Operating Costs Stabilize: Drewry

© jcpjr / Adobe Stock

The cost of operating cargo ships rose marginally in 2017 following two consecutive years of falls

Singapore Charges Defunct Bunker Supplier, Staff

A Singapore marine fuel supplier and three executives have been charged with cheating as part of a government crackdown on short deliveries of fuel to vessels in the world's

Maritime Apps