Ezion Holdings to go into liquidation

BELEAGUERED liftboat operator Ezion Holdings is going into liquidation, the company announced late on Friday (Feb 18).

Its winding up application, which was filed last month, has been granted by the High Court. RSM Corporate Advisory's Ng Kian Kiat and Goh Wee Teck were appointed as joint and several liquidators.

The company had previously stated it faced difficulties procuring investment and was unable to proceed with its restructuring and recapitalisation plans.

"A liquidation of the company is in the best interests of its creditors as it is the most time-efficient and cost-effective manner to realise the value from the company's remaining assets," Ezion said earlier this month.