Ezra Holdings

[weijian]

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.

The amazing thing over here is that it just took slightly less than 1.5years and slightly more than 6months for Chiyoda and NYK respectively, to write off their investments completely.

Either Lionel is a very good salesman or the Japanese side didn't do their homework?

[brattzz]

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.

Yeah, BT Article on the FRONT PAGE screaming!! :O :O :O

[specuvestor]

(Bloomberg) -- The Group will continue to work with its advisors to review all options to restructure its businesses, operations and balance sheet, in light of the severe and protracted downturn in the global oil and gas industry, Ezra says in a statement to the Singapore stock exchange.
Ezra reiterates that in the event restructuring is not favourably completed in a timely manner, the company and group “will be faced with a going concern issue”
The group is in regular discussions with a number of substantial creditors and has had dialogues with its key stakeholders, including its financial lenders and trade creditors: Ezra
Ezra may have to write down $170m in relation to Emas Chiyoda Subsea

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=437879

[opmi]

Nevermind, they all can live off their mother, divorced from Lee senior.....

[CY09]

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=438001

Minor edit on Ezra's end,

Apparently they have defaulted on a charter payment and their subsidiary, EMAS is being pressed for payment.

Wonder what the end story of Ezra and EMAS will be.

[weijian]

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=438001

Minor edit on Ezra's end,

Apparently they have defaulted on a charter payment and their subsidiary, EMAS is being pressed for payment.

Wonder what the end story of Ezra and EMAS will be.

There is a world of a difference between "deciding to seek repayment from guarantor" and "NOT deciding to seek repayment from guarantor". When I read the first PR, i was wondering what would be the reason/s that Forland Subsea AS did not ask for payment - If i were owned money to sinking ship, I would want to turn the screw earlier before the others. 1st PR and clarification were issued within a day, Ezra itself must be really messy now i reckon as the Outsider peers in.

[CY09]

No doubt Ezra/Emas has been a slow moving train wreck.

The question remains if banks will pull the plug and recover whatever value they can salvage. Or roll over the debts and hope Ezra can turn around. The 3 local banks have lent to Ezra about s$1.1 billion. Given the high exposure DBS (637m) and OCBC (300m) has to Ezra, it is unlikely these 2 banks will pull the plug. Only UOB (166mil) is capable of doing so. Ezra also has a 150 mil debt maturing in April 2018

This is how you can hold banks ransom despite being a borrower

[brattzz]

so DBS chief going to say he was caught off-guard, got no indications as per swiber case too?

""There were no indications that this was coming," said Mr Gupta at a media briefing on the bank's quarterly results."

"Offshore services firm Swiber Holding's financial implosion was so rapid and sudden its biggest lender DBS Bank was caught off guard, DBS Group Holdings chief executive Piyush Gupta said yesterday."

[weijian]

Will banks back Ezra in JV 'writedown'?

Players agree that Ezra, in its hunger for growth, may have miscalculated the timing or financial exposure of entry into top-end of subsea business.

THE market is split over whether Ezra Holdings can manage to garner the required financial backing to pull through the crisis emerging from a potential US$170 million writedown tied to its subsea joint venture (JV). Prior to the announced writedown, observers had pointed to possible discussions being held to pull in a new investor for the JV, Emas Chiyoda Subsea (ECS). But the massive impairment has raised doubts over the viability of the JV.

http://www.businesstimes.com.sg/companie...-writedown

[yeokiwi]

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=438122

The Board of Directors (the “Board”) of Ezra Holdings Limited (the “Company”) wishes to
announce that on 6 February 2017, the Company received a statutory demand (“Statutory
Demand”) from the solicitors of Forland Subsea AS (“Forland”) in relation to a claim made by
Forland against the Company for payment of a sum amounting to approximately NOK25.5
million (approximately S$4.4 million) that is due and owing by the Company as the parent
corporate guarantor for the charterparty dated 4 December 2012 wherein Forland agreed to
charter the vessel “LEWEK INSPECTOR” to EMAS-AMC AS. EMAS-AMC AS is a whollyowned
subsidiary of EMAS Chiyoda Subsea Limited, a 40.0%-owned associated company of
the Company.

1.2 The Statutory Demand stated that if payment for the sum demanded is not secured or
compounded to the reasonable satisfaction of Forland within three weeks from the date of the
Statutory Demand, the solicitors of Forland will apply for the Company to be wound up by the
High Court of Singapore upon the ground provided for under Section 254(1)(e) read with
Section 254(2)(a) of the Companies Act, Chapter 50, namely, that the Company is unable to
pay its debts.