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

UK Chamber of Shipping Survey on Election Results

Graphics: UK Chamber of Shipping

A survey carried out by the UK Chamber of Shipping has found that a majority of its members

YPF Says Technology Lowering Its Shale Costs

Longer horizontal wells and technology improvements will help Argentine state-run oil company YPF SA lower costs at its most productive shale field, but better infrastructure is

US Oil Rig Count Climbs for 23rd Week

© zorandim75 / Adobe Stock

U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling

Legal

Korea Line Signs USD 1.15 bln LNG Shipping Deal from KOGAS

Pic: Korea Line Corporation

Korea Line Corporation (KLC) has secured a KRW 1.27 trillion (USD 1.1 billion) contract to

Shipping Firms Pay $1.9 Mln for Pollution Cover-up

Two shipping companies based in Egypt and Singapore will pay $1.9 million in penalties after pleading guilty in federal court to violating the Act to Prevent Pollution from Ships

Noble Group Gets Debt Lifeline

Photo: Noble Group

The striggling commodities giant Noble Group has secured a 120-day extension for its USD 400

Maritime Apps