Singapore is seeking to become a debt restructuring centre alongside New York and London with changes to its Scheme of Arrangement system to make it closer to US Chapter 11 filings.

Singapore’s Ezra Holdings has been hit by a hefty claim amounting to $194.5m relating to Ezra acting as guarantor for its subsidiary EMAS Offshore Limited (EOL) under a sale and leaseback arrangement over a pipe-lay vessel with China’s ICBC Financial Leasing Co.

Ezra Holdings has received a statutory demand from the solicitors of VT Halter Marine (VTH) on Thursday relating to a claim of around $3.21m against Ezra acting as the guarantor for its joint venture firm EMAS Chiyoda Subsea (ECS).

Singapore-listed Ezra Holdings has revealed that it has an exposure of approximately $900m as a guarantor to its jointly-owned EMAS Chiyoda Subsea (ECS), which has filed for bankruptcy protection under Chapter 11.

EMAS Chiyoda Subsea (ECS), Ezra Holdings’ joint venture firm with two Japanese partners, has filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code.

EMAS Offshore Limited has updated investors that the company and all its lenders are continuing to negotiate and finalise agreements on refinancing of financial obligations.

Financially-shaken Ezra Holdings has received a statutory demand from the solicitors of Forland Subsea on Monday in relation to a claim amount of approximately NOK25.5m ($3.1m) that is due and owed by Ezra acting as guarantor under a vessel charter contract.

Singapore-listed Ezra Holdings in clarifying on the impact of its investment in troubled joint venture firm EMAS Chiyoda Subsea Limited (ECA) says that it could have to writedown the full amount of $170m.

EMAS Offshore Limited has started its 2017 financial year with a first quarter loss on the back of the protracted challenging offshore market.

Singapore’s EMAS Offshore Limited has updated that its contracts for charters secured between 1 June to 30 November this year have amounted to approximately $93m including options.

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