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Singapore's Ezra Holdings Ltd , one of the city-state's many oilfield service firms hit by a downturn in oil markets, said it was seeking bondholders' consent to amend the terms of S$150 million ($109 million) worth of 2018 notes.
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The consent on the 4.875 percent notes was necessary to avoid any potential covenant breaches or default, the company said on Tuesday. The submission comes after Perisai Petroleum Teknologi Berhad, an associate company of Ezra, defaulted on its debt. Ezra, whose shares have fallen about 56 percent in the past year, said an extraordinary general meeting for bondholders will take place on Nov 9. Perisai said last week it was in discussions with a financial institution to secure financing that may allow the company to negotiate a mutually acceptable debt restructuring with its creditors. "In the event that Perisai is not successful in negotiating a favourable outcome with holders of the Perisai notes, Ezra may need to assess its investment in Perisai and the accounting impact arising from this," Ezra said in a statement. Several firms in the offshore and marine sector, including oil and gas service provider Swissco Holdings Ltd and container ship owner Rickmers Maritime, have recently sought to restructure debt. Oilfield services firm Swiber Holdings, which initially filed for liquidation, gained court approval this month to place itself under judicial management.
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