Default fears resurface over Singapore's looming debt wall

Massive debts trigger renewed fear of defaults among Singapore's oil service companies. Most recently, firm Ezra Holdings has filed for Chapter 11 in the US, and the company's shareholders could face significant losses.

Photo: Ed Wray/AP/POLFOTO/arkiv

Default fears are resurfacing in Singapore ahead of a wall of maturing corporate debt, as a U.S. bankruptcy filing of a firm from the city flags lingering pain despite economic recovery.

Pressure to pay down obligations has been unrelenting. Companies excluding banks in Singapore must repay S$38 billion (USD 27 billion) of local bonds through the end of 2020, after four years through 2016 in which about the same amount fell due, according to data compiled by Bloomberg. Six firms have defaulted on S$1.2 billion worth of notes since November 2015.

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