20 Mar '17, 5am

Analysts mull outcome as Singapore's Ezra holdings seeks shelter from creditors

Analysts mull outcome as Singapore's Ezra holdings seeks shelter from creditors

"Oversupply of offshore supply vessels along with the influx of newly built vessels resulting in low competitive charter rates compounded the financial difficulties of Ezra's business divisions," said Robin Chiu, the company's chief restructuring officer, in a court filing. The decision to file for bankruptcy comes just weeks after its associate, EMAS Chiyoda-Subsea , also filed for Chapter 11 in the United States, underpinning the concerns in the sector. "The Ezra Chapter 11 filing is intended to optimize the scope and extent of the restructuring options available and to protect the interests of all stakeholders of the company, including its creditors and shareholders, from hostile actions that could harm the company and its stakeholders by diminishing the group's value," it said in a statement to the SGX. Ezra was once a $2 billion company, competing with great success f...

Full article: http://www.cnbc.com/2017/03/20/oilfield-services-slump-ha...

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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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