Ezra Holdings has been given some breathing space by noteholders of its S$150m notes due in April, who approved a proposal by Ezra asking for waivers on a number of debt covenants.
Ezra will pay noteholders S$250 ($180) for every S$250,000 of face amount as early-consent fee for holders who agreed before November 2, and half the fee for those who agreed after that date.
“The sustained downturn in oil company expenditure continues to result in lower industry activity. Declining charter rates and excess capacity have affected the financial performance and fleet utilization of sub-sea and offshore players,” Ezra said last month when proposing the deal to noteholders.
Ezra shares are trading flat today at 4.3 cents.