, Columnist
Singapore: Efficient Even in Bankruptcy
Ezra didn't quite make it but the city's plan to become the preferred center for debt workouts in Asia is moving fast.
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When it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster.
Ezra Holdings Ltd., a Singapore publicly traded oil services group, and two of its affiliates, Ezra Marine Services Pte and EMAS IT Solutions Pte, filed for Chapter 11 protection over the weekend in a U.S. bankruptcy court in White Plains, New York. On Monday, shares in Nam Cheong Ltd., a builder of offshore support vessels, tumbled as much as 33 percent to a record low after the company on Friday said its auditors raised some financial concerns.