PAYMENTS DEMAND In late February, Ezra and its Japanese partners Chiyoda Corp and Nippon Yusen KK placed their EMAS Chiyoda Subsea venture under bankruptcy in Texas, owing creditors about US$966 million, according to court papers filed in Houston. Ezra owns 40 per cent of EMAS, Chiyoda 35 per cent, and Nippon Yusen Kabushiki 25 per cent, according to court records. The move came after Ezra said on Feb 3 that it faced a US$170 million writedown for amounts owed by the venture, and also flagged the possibility of a "going concern issue" if its restructuring wasn't favorably completed. Ezra said at the time it will continue to work with advisers to review all options to restructure its businesses, operations and balance sheet. The group has since received demands for payments from trade creditors, including from Forland Subsea AS for chartering a vessel, and from VT Halter Marine for a loan agreement.