Ezra Files U.S. Bankruptcy as Offshore Services Woes Spread
- Company joins Swiber, Swissco in fending off hostile creditors
- Decline in oil prices led to project delays, amassed debt
A pump jack and surface water at oil well and fracking site in Shafter. Kern County, located over the Monterey Shale, has seen a dramatic increase in oil drilling and hydraulic fracking in recent years. San Joaquin Valley, California.
Photographer: Education Images/UIG via Getty ImagesEzra Holdings Ltd., a Singapore-listed offshore services group, filed for bankruptcy protection in the U.S. from hostile creditors as the energy support sector struggles from three years of weak oil prices.
Ezra and two affiliates, Ezra Marine Services Pte. and EMAS IT Solutions Pte., filed for Chapter 11 protection March 18 in U.S. Bankruptcy Court in White Plains, New York. Ezra listed consolidated long-term assets with a value of $1.3 billion and current assets of $623 million for the fiscal year ended Aug. 31, 2016, according to court papers.