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.
BY DENISE WEE, BLOOMBERG
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.
The multinational commodity trader navigated through a turbulent market in fiscal 2022, which ended in September, but nonetheless closed the year with a record result. Challenging conditions will carry on into 2023.
Serious dissatisfaction is emanating from European capitals regarding the Energy Charter Treaty for protecting fossil energy investments, thus prompting the EU Commission to assess its options for a collective exit.