Singapore’s Ezra Holdings has said its judicial managers have filed to place the company in liquidation, as there is no longer any prospect it can continue as a going concern.
In a regulatory filing with the Singapore Exchange, the troubled offshore and marine group noted that despite the judicial managers’ efforts for the past 18 months to pursue potential investments, there has been a lack of progression in the discussions with the potential investors and the company has not been able to enter into any binding term sheets with any potential investor to realise its listing status.
“In the absence of any proposed investments, there is unlikely to be any real prospect of the company entering into a scheme of arrangement with its creditors to resolve its liabilities,” the filing said.
The court has fixed a hearing for January 21, 2022.
Ezra, which was officially placed under judicial management last year, filed for bankruptcy protection under Chapter 11 in the US in 2017 after receiving two statutory demands from creditors. Since then, its subsidiaries have also either been placed under judicial management or liquidated.