Ezion’s offer to buy Swissco distressed assets and take over debts seen as positive

SINGAPORE (Nov 22): Maybank Kim Eng thinks it’s a good idea for Ezion to offer to buy its share of three drilling rigs and an accommodation rig for $4.5 million from a JV with Swissco and assume all its outstanding debts.

While Ezion has not commented much as these talks are still under negotiation, Maybank thinks this could help in cash collections and raise future profitability.

Swissco is in the process of filing for judicial management as its proposed bond restructuring did not get the approval of bankers.

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