EMAS Offshore admits it might struggle to carry on in wake of Ezra bankruptcy filing
The inevitable domino effect following Ezra Holdings bankruptcy filing in the US swung into full motion today with its Singapore-listed sister firm EMAS Offshore admitting in a filing to the Singapore Exchange it might struggle to continue to operate.
EMAS Offshore, an offshore marine construction contractor held by Ezra, said that unless if can come up with a deal with its creditors it will be faced with a going concern issue.
The company signed a five-year refinancing term sheet with its lenders in December 2016 with expectations to wrap up the deal within 60 days. However, it is still in the process of finalising a definitive agreement and had to extend negotiations a further 60 days.
Like Ezra, EMAS’s debts are now running into the hundreds of millions.
