Singapore's Oil-Dependent Industries Are Still Under Pressure
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The price of crude may have stabilized, but the same can’t be said for the industries in Singapore whose fortunes depend on oil.
Nam Cheong Ltd. said on Monday it filed an application on Oct. 6 for a moratorium on its $424 million of debt, just a week after Ezion Holdings Ltd. sought to restructure its $2 billion of debt. The two cases highlight enduring pain from the slump that took crude close to $25 a barrel last year.