Ezra unit ECS seeks US Chap 11 protection to ring fence US$90m lifeline
DBS, OCBC have working capital and contingent claims against ECS totalling almost US$100 million
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Singapore
EMAS Chiyoda Subsea (ECS), the 40 per cent-owned unit of Ezra Holdings, is seeking bankruptcy protection in the US in a move that will ring fence some US$90 million in fresh funds to be injected for its financial and operational restructuring.
ECS said in a statement issued on Tuesday that the Chapter 11 petitions under the US Bankruptcy Code were filed in the Southern District of Texas Bankruptcy Court.
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