Debt-laden offshore marine group Ezra Holdings, which filed for US bankruptcy protection last month, wsaid it will not be making the interest payment that was due on April 24 on its S$150 million of 4.875 per cent fixed rate notes due 2018.
Ezra said the interest payment “constitutes pre-Ezra Chapter 11 filing unsecured claim that the company is not permitted to make pursuant to the United States Bankruptcy Code.”
“Accordingly, the company will not be making payment in respect of the 24 April 2017 interest,” it said in a statement dated Monday (April 24).
The missed coupon payment is believed to be around S$3.66 million.
Ezra met with bond holders last week, in a two-hour session that was attended by about 100 people, to update them on the company’s financial position. The Singapore Exchange. which is trying to help Ezra’s bond holders, has said there are 373 holders of Ezra notes that are custodised with the Central Depository.