Ezion Holdings files winding up application

BELEAGUERED liftboat operator Ezion Holdings has filed a winding up application for the company to be placed into liquidation.

In a filing to the Singapore Exchange on Friday (Jan 28), the company said that despite its efforts to restructure the group and search for an investor to recapitalise the firm, it has run into difficulties procuring investment proposals from the potential investors that are able to garner the support of its major creditors.

Amid challenging market conditions and the company's current financial position, Ezion said its key operating subsidiaries are no longer able to remain operationally viable as a going concern without receiving working capital.

Ezion said it will make the necessary announcements as and when there are further developments, including the hearing date or any orders of the High Court.