Brief: Ezra updates on informal meeting with noteholders of S$150 mln notes due 2018

Ezra Holdings

25/10/2016 06:07

Oct 25 (Reuters) - Ezra Holdings Ltd  EZRA.SI  
    * "Current downturn is expected to last longer compared to 
other downturns" 
    * Offshore spending is down about 25% in 2016 and expected  
about 0 - 10% in 2017 
    * "Expects offshore oil and gas environment to remain 
challenging, may further deteriorate before stabilising in the 
medium-term" 
    * Key events that stalled plans include Swiber Judicial 
Management and news that Tidewater may potentially file for 
chapter 11 Bankruptcy protection 
    * Company is asking the support of bondholders to waive the 
obligation to meet certain covenants 
    * Seeking bondholders support to waive breach, as result of 
any non-compliance or potential non-compliance with financial 
covenants from HY ended 29 Feb 2016 to 24 April 2018 
    * Oil industry downturn resulting in lower charter rates and 
utilisation, and general oversupply in the market has resulted 
in a reduction in asset valuations 
 
Source text for Eikon:  ID:nNDL3cjrd2  
Further company coverage:  EZRA.SI  
 
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