Singapore

The woes of Singaporean energy-services provider Ezra Holdings Ltd. are a stark reminder to the city’s biggest banks of the threat souring oil and gas loans pose to their earnings. A writedown flagged by Ezra recently has refocused attention on the debt-repayment problems marine-services firms are facing, fueling concerns that lenders may have to set aside more money to cover loan losses, Bloomberg News reported. Fourth-quarter results due this week from DBS Group Holdings Ltd.

Homegrown premium seafood supply chain manager Oceanus Group has entered into a binding term sheet with its key creditors in relation to a proposed debt restructuring, The Business Times reported. This is done by converting 76.4 per cent of its total outstanding debt to equity, substantially improving its balance sheet, it announced on Wednesday before the market opens.

A Singapore court Wednesday sentenced a former branch manager of Switzerland’s Falcon Private Bank AG to prison for crimes connected to the alleged multibillion-dollar misappropriation at Malaysian state investment fund 1MDB, The Wall Street Journal reported. Jens Sturzenegger, 42, a Swiss national who managed Falcon’s Singapore unit, was charged last week with 16 offenses under various laws, including one that requires banks and their officers to enact due-diligence checks on clients to prevent money laundering.

A private banker who helped manage the accounts of Malaysian state investment fund 1MDB went on trial Monday in Singapore. The proceedings against Yeo Jiawei, 33 years old, formerly a wealth manager at the local branch of Swiss bank BSI SA, marks a step forward in legal investigations in several countries related to 1Malaysia Development Bhd. and the first time a defendant has faced trial. In his opening statement, the case’s prosecutor told the court that Mr.

Marco Polo Marine’s noteholders have voted to approve a restructuring S50m ($36m) of the Singapore-listed company’s debt, which will give the offshore supply vessel operator breathing space. As a result of the vote, the ordinary maturity date of the notes will be extended by three years. Additional interest will be paid on the notes at a rate of 1.5% per annum, which is payable in two installments.

A Singapore court on Thursday appointed financial advisory firm KPMG as judicial manager for Swiber Holdings Ltd, allowing the troubled oilfield services firm to be kept under a process through which it could be nursed back to health, Reuters reported. Swiber applied in July to place itself under judicial management. It had initially filed for liquidation as it faced hundreds of million of dollars in debt and a decline in orders following a drop in global oil prices.

The oil price rebound has come too late with another firm in the offshore sector joining the debt restructuring frenzy amid the most brutal industry downturn in 30 years, The Straits Times reported. Singapore-listed rig and vessel chartering group Swissco Holdings said yesterday that it is seeking to restructure $100 million worth of bonds, including a $2.85 million coupon payment due on Oct 16.

Hanjin isn’t the only player in the ocean shipping world that has become insolvent, Global Trade reported. Rickmers Maritime Trust (RMT), a Singapore-listed owner of containerships has become the latest casualty in a growing list of containership owners with toxic vessel assets that are unable to generate sufficient funds to pay their outstanding debt obligations.

Minority shareholders of Singapore's main rail operator SMRT Corp Ltd voted overwhelmingly today in favor of Temasek Holdings' S$1.18 billion ($866 million) bid to take full control of the company, Reuters reported. Of the shareholders present at the meeting, 84.8 percent voted in support of the buyout, SMRT said in a statement. State investor Temasek, as majority shareholder, had no voting rights for the buyout of the 46 percent of SMRT shares it does not already own.

Mainboard-listed Marco Polo Marine said on Thursday (Sept 22) there may be a "substantial doubt about the group's ability to continue as a going concern", The Straits Times reported. Its statement to the Singapore Exchange accompanied its launch of an exercise seeking consent from bond holders to delay repayment by three years of notes worth S$50 million that are due next month. Noteholders are asked to vote on the company's debt restructuring proposal at a meeting on Oct 14.