• BIST 94.655
  • Altın 144,935
  • Dolar 3,5508
  • Euro 3,8707
  • İstanbul 13 °C
  • Ankara 12 °C

Ezra Holdings filed for Chapter 11 bankruptcy protection

Ezra Holdings filed for Chapter 11 bankruptcy protection
The Singaporean offshore services group Ezra Holdings filed for Chapter 11 protection from creditors in the US Bankruptcy Court in White Plains, New York.

The company suffers from serious lack of cash flows and reducing liquidity after the energy service sector struggles from decreasing number of orders during the last three years due to the weak oil prices. Ezra Holdings and its subsidiaries will receive protection from the US creditors during preparing its restructuring plan and will look for agreement with bondholders and creditors. The company may ask for debt restructuring up to 50% from creditors, while bondholders may be asked for some conversion to equity.

Ezra Holdings and its two affiliates – Ezra Marine Services and EMAS IT Solutions, filed for Chapter 11 protection in the US Bankruptcy Court in White Plains, New York in March 18. The filing comes after months of demands from its patient but unsympathetic creditors and reflects the distressed state of offshore oil and gas services firms as their debt piled up amid contract delays or cancellations.

“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 the chief restructuring officer of Ezra Holdings, Robin Chiu.

The Singaporean offshore supplier’s latest creditors owed about 607.6 million USD at the end of February. The largest creditors listed in the filing are DBS Group Holdings Ltd and Oversea-Chinese Banking Corp, which have unsecured claims amounting to more than 457 million USD. The two Singapore lenders are also listed, as the biggest creditors of secured debt with combined claims for more than 94 million USD.

Ezra Holdings is an integrated offshore support provider for the oil and gas industry. The company was founded in 1992 and is headquartered in Singapore.

This news is a total 202 time has been read
  • Comments 0
    UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
    Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
    Bu habere henüz yorum eklenmemiştir.
Other News
All Rights Reserved © 2006 TURKISH MARITIME | İzinsiz ve kaynak gösterilmeden yayınlanamaz.
Phone : 0090 212 293 75 48 | Fax : 0090 212 293 75 49 |