Ezra Holdings of Singapore files for bankruptcy in U.S.
The company had been trying to restructure and said in February it faced a "going concern issue" if it did achieve a favorable outcome.
The company's stock lost a fifth of its value in early March after it disclosed it had provided guarantees on nearly $900 million in liabilities and loans of Emas Chiyoda Subsea, an affiliate the also filed for U.S. bankruptcy.
"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 company said it had unsecured loans of $272 million, owed to DBS Bank, $184 million owed to Oversea-Chinese Banking Corp and $108 million to a Singapore affiliate of HSBC.
The company said in a court filing in the U.S. Bankruptcy Court in New York that it had up to $1 billion in assets and up to $500 million in liabilities. ■