Linus Unah – Fourth Estate Contributor
Singapore, Singapore (4E) – Singapore’s Ezra Holdings Ltd. has filed for chapter 11 bankruptcy in the U.S. on Saturday no thanks to a downturn in oil prices since in 2014.
“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,” company chief restructuring officer Robin Chiu said in a court filing.
The company said in a news release that the filing includes its wholly-owned subsidiaries EMAS IT Solutions Pte Ltd and Ezra Marine Services Pte. Ltd.
The filing in the U.S. Bankruptcy Court in New York, according to the news release, would facilitate the financial restructuring of the group.
The Singapore offshore and marine services firm noted in the filing that it held about $1 billion in assets and over $500 million in liabilities.
CNBC reports that the company owes more than $270 million to Singapore’s largest lender DBS Group Holdings as well as $184 million to the second largest bank, Oversea-Chinese Banking Corp., the second largest bank.
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