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19

Ezra Files for U.S. Bankruptcy as Marine Debt Crunch Spreads

By Tony Seruga

Company joins Swiber, Swissco in fending off hostile creditors
Decline in oil prices led to project delays, amassed debt

Ezra Holdings Ltd., a Singapore-listed oilfield services group, filed for bankruptcy in the U.S. 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 Pte. Ltd. and EMAS IT Solutions Pte. Ltd., filed for Chapter 11 protection March 18 in U.S. Bankruptcy Court in White Plains, New York. Ezra listed consolidated long-term assets with a value of $1.3 billion and current assets of $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 $607.6 million, according to court papers. Ezra’s three largest secured creditors are owed about $61.9 million…

Ezra Files for U.S. Bankruptcy as Marine Debt Crunch Spreads

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