A bankruptcy judge in the US ruled yesterday no company can seize any assets belonging to troubled Singaporean offshore operator Ezra Holdings. Moreover, no new lawsuits can be filed for the time being.
Ezra filed for Chapter 11 bankruptcy protection earlier this month in the wake of its joint venture EMAS Chiyoda Subsea also filing in February. It becomes the latest high profile casualty among Singapore’s battered offshore scene which has also seen Swiber and Swissco seek judicial management on home soil in the past nine months.
Additionally, Chan Eng Yew has resigned from his role of Ezra Group CFO. Chan is also the CEO of Triyards, an Ezra Group company.