Firm tied to Singapore`s Ezra Holdings files for Chapter 11 in US

by Dramelin 8:30 PM 0 comments

The three banks are also the principal bankers for Ezra, the largest shareholder of EMAS Chiyoda Subsea.
EMAS Chiyoda Subsea, in which Ezra holds a 40 percent stake, said it filed for a voluntary petition for reorganization under Chapter 11 of the U.
S.
Bankruptcy Code in the Southern District of Texas Bankruptcy Court.
In a court document that listed EMAS Chiyoda Subsea`s creditors with 40 largest unsecured claims, Singapore`s largest bank DBS Group Holdings was top with a $84.
6 million exposure.
Ezra`s shares touched an all-time low after the company said it could write down $170 million due to problems at EMAS Chiyoda Subsea.
"The restructuring will provide EMAS Chiyoda Subsea with an opportunity to focus on strengthening its financial and operational systems, enhancing the company`s efforts to weather the current challenges.