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Christopher Langner

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.

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.