20 Mar '17, 3am

#Ezra files for US bankruptcy as marine debt crunch spreads

#Ezra files for US bankruptcy as marine debt crunch spreads

SINGAPORE — Ezra Holdings, a Singapore-listed oil-field services group, filed for bankruptcy in the United States after weeks of 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. Ezra and two affiliates, Ezra Marine Services and EMAS IT Solutions, filed for Chapter 11 protection March 18 in the US Bankruptcy Court in White Plains, New York. Ezra listed consolidated long-term assets with a value of US$1.3 billion (S$1.8 billion) and current assets of US$623 million for the fiscal year ended August 31, 2016, according to court papers. Ezra’s 20 largest creditors without collateral securing their claims are owed about US$607.6 million, according to court papers. Ezra’s three largest secured creditors are owed about US$61.9 million. Ezra will hold an informal meeting as soon as “reasonably ...

Full article: http://www.todayonline.com/business/ezra-files-us-bannkru...

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Singapore's Ezra Holdings files for US bankruptcy

Singapore's Ezra Holdings files for US bankruptcy

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Bankrupt: Singapore’s Ezra Holdings Files Chapter 11 https://t.co/aKGzjt6bUn

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via @FT

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