SINGAPORE (March 21): EMAS Offshore says it will be negatively impacted by the United States’ Chapter 11 filing by the company’s ultimate holding company Ezra Holdings to facilitate the restructuring of the group.

EMAS Offshore is therefore currently seeking advice on the US bankruptcy filing, as well as assessing the impact of such filing on the group and on the group’s ongoing initiatives to refinance its financial obligations and liabilities and the procurement of additional working capital facilities.

Ezra owns 75.25% of EMAS Offshore as well as 60.91% of Triyards Holdings. The contagion effects from Ezra’s bankruptcy could also have negative implications for other financially weak offshore marine & engineering players such as Ezion, Nam Cheong, Pacific Radiance as well as Ausgroup, according to Lim & Tan in its Tuesday daily review note.

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