Swissco Holdings Ltd News

Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra  has been facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years. The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will hold an informal meeting as soon as "reasonably practicable" to update and provide further information on the Chapter 11 filing to holders of its debt, it said in a separate statement. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014.

Rickmers Maritime, a Singapore-listed trust that operates container ships, said it faces the risk of going out of business given the uncertain outcome of its discussions with bondholders and senior lenders about restructuring its debt. The firm said it would not be able to pay an interest of S$4.26 million, which is due on Nov. 15, on a S$100 million ($71 million) bond that it has been trying to restructure. "In view of the uncertain outcome of the discussions with senior lenders and the adjourned noteholders' meeting, the trust is unable to demonstrate that it is able to continue as a going concern," Rickmers said in a statement. Rickmers is also currently in discussions with its lenders to obtain waivers on its obligations under existing senior loan facilities.

Mainboard-listed Swissco Holdings Ltd., a marine service provider for the shipping and offshore Oil and Gas industries, announced that it has placed orders for two anchor handling tug supply vessels (AHTS) and a fast utility/crew boat with a one plus one option. The newbuild vessels, excluding owner supplied equipment, are worth an aggregate of S$42 million.