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EMAS Offshore admits it might struggle to carry on in wake of Ezra bankruptcy filing

EMAS Offshore admits it might struggle to carry on in wake of Ezra bankruptcy filing

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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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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