Debt-laden offshore marine group Ezra Holdings, which filed for US bankruptcy protection last month, said it would not be making the interest payment that had fallen due on Monday on its $150 million, 4.875 per cent fixed rate notes maturing next year.
Ezra said the interest payment "constitutes pre-Ezra Chapter 11 filing unsecured claim that the company is not permitted to make pursuant to the United States Bankruptcy Code".
It added: "Accordingly, the company will not be making payment in respect of the April 24, 2017 interest."
The missed coupon payment is believed to be about $3.66 million.
Parkway Life Reit
Parkway Life Real Estate Investment Trust posted a 9.6 per cent rise in distribution per unit (DPU) for the first quarter to 3.28 cents.
The healthcare Reit's manager said that disregarding the divestment of four Japan nursing homes in December last year, DPU from its recurring operations continued to grow by 2.2 per cent to 3.06 cents for the quarter.
The gain from the divestment will be distributed equally over the four quarters of the current financial year ending Dec 31, with a payout of 0.22 cent for the first quarter.
Despite the divestment, first quarter gross revenue came in marginally up at $26.9 million, underpinned by the contribution from a nursing home acquisition in March last year, higher rent from the Singapore properties and the appreciation of the Japanese yen.
Cambridge Industrial Trust
Cambridge Industrial Trust posted a drop in its first-quarter distribution per unit (DPU) as property income was dragged down as a result of property conversions.
DPU for the three months to March 31 came in at 1.004 cents, down 9.7 per cent.
Net property income of $19.7 million was 8.4 per cent lower, owing "mainly to the impact of several master leased properties that were converted into multi-tenancy properties last year as well as the impact from recent divestments", the trust manager said.
The conversions also led to higher property expenses, which rose 17.1 per cent.
Cambridge's portfolio comprises 49 industrial, business park and logistics properties in Singapore.
Its latest occupancy rate was 95.4 per cent.