Singapore's Ezra seeks consent to amend terms of 2018 notes

Ezra Holdings

18/10/2016 02:47

SINGAPORE, Oct 18 (Reuters) - Singapore's Ezra Holdings Ltd 
 EZRA.SI , one of the city-state's many oilfield service firms 
hit by a downturn in oil markets, said it was seeking 
bondholders' consent to amend the terms of S$150 million ($109 
million) worth of 2018 notes. 
    The consent on the 4.875 percent notes was necessary to 
avoid any potential covenant breaches or default, the company 
said on Tuesday. The submission comes after Perisai Petroleum 
Teknologi Berhad  PPTB.KL , an associate company of Ezra, 
defaulted on its debt.      
    Ezra, whose shares have fallen about 56 percent in the past 
year, said an extraordinary general meeting for bondholders will 
take place on Nov 9. 
    Perisai said last week it was in discussions with a 
financial institution to secure financing that may allow the 
company to negotiate a mutually acceptable debt restructuring 
with its creditors. 
    "In the event that Perisai is not successful in negotiating 
a favourable outcome with holders of the Perisai notes, Ezra may 
need to assess its investment in Perisai and the accounting 
impact arising from this," Ezra said in a statement. 
    Several firms in the offshore and marine sector, including 
oil and gas service provider Swissco Holdings Ltd  SWCO.SI  and 
container ship owner Rickmers Maritime  RIMT.SI , have recently 
sought to restructure debt.  
    Oilfield services firm Swiber Holdings  SWBR.SI , which 
initially filed for liquidation, gained court approval this 
month to place itself under judicial management.   
        ($1 = 1.3735 Singapore dollars) 
 
 (Reporting by Marius Zaharia; Editing by Shri Navaratnam) 
 ((marius.zaharia@thomsonreuters.com; +65 6403 5657; Reuters 
Messaging: marius.zaharia.thomsonreuters.com@reuters.net)) 
 
Keywords: EZRA HLDGS DEBTRENEGOTIATION/