Ezra Holdings

something like it's too big to fail?

banks will continue to support, bondholders too, as long as they can kick the bucket down the road...

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=426896

Ezra's associate company is facing a winding up order.

http://infopub.sgx.com/FileOpen/Ezra%20-...eID=426900

To compound Ezra's misery, its divestment of its PPE is taking a longer time as expected. Its very likely Ezra will have to impair its associates value and its shareholdings in EMAS offshore which also holds some stake. Rights issue is likely on the cards for Ezra to shore up its balance sheet.

This is turning out to be a slow moving train wreck. Can anyone pass me the remote to fast forward to the ending?

http://infopub.sgx.com/FileOpen/Ezra%20Q...eID=431188

Due to my busy schedule, I had missed Ezra's release of its full year results. Wow, the financial results amazes me. Every trick on the book has been used - impairments of associate, JV, allowance for debts, loss of disposal. Net assets stand at 378 mil now. It is worth noting post Sep 16, Ezra's bondholders have consented to waive their demand for immediate repayment due to breaches of financial covenants. Hence, the bond payable should be termed as "non-current" and payable in April 2018 (which it matures and I expect another "bondholder vs company episode")

Ezra has 655 mil of loan which it has to pay to the syndicate. If these bank loans decide to call time, Ezra will have to liquidate its 1.2bil of PPE+associates and hope it can get back 800 mil, so that the banks principal can be repaid. However, imo, it is likely banks will relax the covenant or renew the loan to slightly before April 2018.

Rephrasing the words of a fellow VB: if you borrow a large sum from banks, the bank becomes the "hostage"

(11-12-2016, 08:59 AM)CY09 Wrote: http://infopub.sgx.com/FileOpen/Ezra%20Q...eID=431188

Due to my busy schedule, I had missed Ezra's release of its full year results. Wow, the financial results amazes me. Every trick on the book has been used - impairments of associate, JV, allowance for debts, loss of disposal. Net assets stand at 378 mil now.

Ezra has 655 mil of loan which it has to pay to the syndicate. If these bank loans decide to call time, Ezra will have to liquidate its 1.2bil of PPE+associates and hope it can get back 800 mil, so that the banks principal can be repaid. However, imo, it is likely banks will relax the covenant or renew the loan.

Rephrasing the words of a fellow VB: if you borrow 100 mil from banks, the bank becomes the "hostage"

Nevermind lah, oil price going up what

Hopefully, Ezra niche is in deep water. If prices don't go high enough for deepwater company to do capex, Ezra is screwed. Currently shallow water drilling is at barely breakeven levels. And don't forget shale producers which need us$60/bbl level to restart

i would supposed the banks will continue to do a "rickmers" to avoid another "swiber".... so yeah, no worries!

of cos i am NOT vested!!

(11-12-2016, 06:39 PM)brattzz Wrote: i would supposed the banks will continue to do a "rickmers" to avoid another "swiber".... so yeah, no worries!

of cos i am NOT vested!!

EZRA Holdings's early-morning trading halt on Wednesday has fuelled speculation over how the beleaguered offshore-and-marine group can withstand another massive impairment charge corresponding to the writedowns that have been unveiled by its subsea joint-venture (JV) partners.

Ezra sold 50% stake for S$252m to Chiyoda
http://www.straitstimes.com/business/com...to-chiyoda

Sold 10% for S$36m and Chiyoda sold 15% for presumably S$54m to NYK
http://www.dealstreetasia.com/stories/ja...sea-44013/

So Chiyoda investment is around S$200m but they going to write down US$333.6m, presumably from other commitments in the JV.
http://splash247.com/bibby-demands-arbit...-18m-owed/

My guess would be that Ezra stake in the 40% JV stake is about S$144m on the books, which is the maximum they get hit on the PnL unless they also loaned to the JV which would be weird.

waos! so bankers put their foot down and make a stand!

musical chair game over.... :O

The shares are still halted as at this writing and the Company has yet to announce anything with regards to any impairments, so let's wait for news.

Today's BT article obviously sounded an ominous tone regarding the troubles the Company has been facing, as well as with their heavy debt load.