EnergyWatch

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.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Norway awards more than 50 new oil licenses

Norwegian oil giant Equinor has received almost half of the new licenses on the Norwegian continental shelf where there is still significant interest in new oil and gas deposits.

Further reading

Related articles

Latest News

See all jobs