Troubled Ezra Holdings files for judicial management

EZRA Holdings, which filed for bankruptcy protection under Chapter 11 in the US in 2017, on Wednesday said it has applied to be placed under judicial management.

The troubled offshore and marine group filed an application in Singapore's High Court on Feb 4. 

The application means a moratorium will be in place until it is either granted or dismissed. No resolution can be passed to wind up Ezra Holdings and no steps taken to enforce any security over its property.

Ezra Holdings had filed for bankruptcy protection under Chapter 11 in the US in 2017 after receiving two statutory demands from creditors.

Since then, its subsidiaries have also either been placed under judicial management or liquidated. For instance, offshore vessel operator Emas Offshore was granted judicial management by the High Court last October. 

In July last year, Triyards Marine Services, a unit of Ezra's shipyard arm Triyards, was also ordered to wind up following an application by its creditor.