Ezra Holdings

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Will history repeats itself?

Swiber's sequence of events:
8th July: LOD for aggregate 4.76mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=412098
25th July: LOD for aggregate 15.2mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414018
26th July: LOD for aggregate 25.9mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414403
27th July: Provisional Liquidation http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404
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I was just about to say same thing, likely Swiber 2.0 [emoji14]

And the ezion and Marco Polo marine also quite jialat right??

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Ezra's JV has filed for bankruptcy.

It is very likely Ezra's halting of shares has to do with these news; since it is also a guarantor.

http://splash247.com/emas-chiyoda-subsea...ankruptcy/
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Ezra's 40%-owned EMAS CHIYODA Subsea Ltd ("ECS"; holding company for its Deepwater Subsea division and a j-v with Japanese Chiyoda (35%) and NYK (25%)) had on 27Feb17 filed for Chapter 11 protection in the U.S. to facilitate ECS Group’s financial and operational restructuring....
http://infopub.sgx.com/FileOpen/Ezra%20-...eID=441994
If the 2 presumably still rather deep-pocketed Japanese partners choose not to save ECS, how else can Chapter 11 help? It appears there is a good chance for an eventual court-sanctioned asset sales or even liquidation process. Jialat!

It is interesting to observe how Ezra's 2 other divisions - the 75.25%-owned (as at 1Nov15) EMAS Offshore Ltd ("EOL"; SGX-listed holding company for the Offshore Support, Construction and Production Services division), and the 60.91%-owned (as at 1Nov16) Triyards Holdings Ltd ("Triyards"; SGX-listed holding company for the Engineering and Fabrication division) - would evolve and survive under the prevailing tough market conditions and financial squeeze including at the parent company (Ezra Holdings) level.

Already EOL's restructuring of own financings with its principal bankers has stalled....
http://infopub.sgx.com/FileOpen/EOL%20An...eID=441993
As at 30Nov16, EOL Group's total gross debts stood at $780.7m, and had a cash balance of only $10.8m....
http://infopub.sgx.com/FileOpen/EOL%20An...eID=435455

Triyards' latest (30Nov16) P&L and B/S appear still looking acceptable....
http://infopub.sgx.com/FileOpen/TRIYARDS...eID=435085
Triyards Group's total gross debts stood at $164.8m, and had a cash balance of only $18.5m. The group's trade payables balance stood at $54.7m, and its large $215.6m trade receivables balance (increased from $170.3m as at 31Aug16) does not appear liquid enough.

If EOL goes down financially, Ezra Holdings does not appear to be in a position to save it. Based on its latest 31Aug16 B/S, Ezra Holdings at the parent company level had another $292.2m in total debts, and a cash balance of only $6.2m....
http://infopub.sgx.com/FileOpen/Ezra%20Q...eID=431188

Triyards' finances could also falter if it cannot collect a big chunk of its trade receivables.

IMHO, The roots of all these financial messes and troubles rest with Ezra's top management having pursued aggressive business growth and asset build-up by using too much debts, and using a corporate structure of multiple listed vehicles to raise even more capital and debts.

Now Ezra Group's bankers and creditors, the lawyers and accountants, and the courts and authorities, will have a lot of tough work cleaning up this mess!
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(03-03-2017, 07:51 AM)dydx Wrote: Ezra's 40%-owned EMAS CHIYODA Subsea Ltd ("ECS"; holding company for its Deepwater Subsea division and a j-v with Japanese Chiyoda (35%) and NYK (25%)) had on 27Feb17 filed for Chapter 11 protection in the U.S. to facilitate ECS Group’s financial and operational restructuring....
http://infopub.sgx.com/FileOpen/Ezra%20-...eID=441994
If the 2 presumably still rather deep-pocketed Japanese partners choose not to save ECS, how else can Chapter 11 help? It appears there is a good chance for an eventual court-sanctioned asset sales or even liquidation process. Jialat!

It is interesting to observe how Ezra's 2 other divisions - the 75.25%-owned (as at 1Nov15) EMAS Offshore Ltd ("EOL"; SGX-listed holding company for the Offshore Support, Construction and Production Services division), and the 60.91%-owned (as at 1Nov16) Triyards Holdings Ltd ("Triyards"; SGX-listed holding company for the Engineering and Fabrication division) - would evolve and survive under the prevailing tough market conditions and financial squeeze including at the parent company (Ezra Holdings) level.

Already EOL's restructuring of own financings with its principal bankers has stalled....
http://infopub.sgx.com/FileOpen/EOL%20An...eID=441993
As at 30Nov16, EOL Group's total gross debts stood at $780.7m, and had a cash balance of only $10.8m....
http://infopub.sgx.com/FileOpen/EOL%20An...eID=435455

Triyards' latest (30Nov16) P&L and B/S appear still looking acceptable....
http://infopub.sgx.com/FileOpen/TRIYARDS...eID=435085
Triyards Group's total gross debts stood at $164.8m, and had a cash balance of only $18.5m. The group's trade payables balance stood at $54.7m, and its large $215.6m trade receivables balance (increased from $170.3m as at 31Aug16) does not appear liquid enough.

If EOL goes down financially, Ezra Holdings does not appear to be in a position to save it. Based on its latest 31Aug16 B/S, Ezra Holdings at the parent company level had another $292.2m in total debts, and a cash balance of only $6.2m....
http://infopub.sgx.com/FileOpen/Ezra%20Q...eID=431188

Triyards' finances could also falter if it cannot collect a big chunk of its trade receivables.

IMHO, The roots of all these financial messes and troubles rest with Ezra's top management having pursued aggressive business growth and asset build-up by using too much debts, and using a corporate structure of multiple listed vehicles to raise even more capital and debts.

Now Ezra Group's bankers and creditors, the lawyers and accountants, and the courts and authorities, will have a lot of tough work cleaning up this mess!

About one year ago, some members of the Lee family have been selling off properties

http://www.businesstimes.com.sg/real-est...p-for-sale


It may appear to be just an asset management process but with hindsight, they were probably badly in need of cash

They soared high but they are also landing hard. i guess it is still worth the ride, better than to lead a peaceful but boring and quiet life. Shareholders are probably the most pitiful lot...
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ezra-holdings-mercy-emas-chiyoda-subsea-creditors
http://splash247.com/ezra-holdings-mercy...creditors/
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(07-02-2017, 03:56 PM)weijian Wrote: Will history repeats itself?

Swiber's sequence of events:
8th July: LOD for aggregate 4.76mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=412098
25th July: LOD for aggregate 15.2mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414018
26th July: LOD for aggregate 25.9mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414403
27th July: Provisional Liquidation http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=442810

More and more LODs are appearing.

Perhaps this is really a swiber. With again, the same major bank supporting them
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(09-03-2017, 11:08 PM)CY09 Wrote:
(07-02-2017, 03:56 PM)weijian Wrote: Will history repeats itself?

Swiber's sequence of events:
8th July: LOD for aggregate 4.76mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=412098
25th July: LOD for aggregate 15.2mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414018
26th July: LOD for aggregate 25.9mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414403
27th July: Provisional Liquidation http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=442810

More and more LODs are appearing.

Perhaps this is really a swiber. With again, the same major bank supporting them

I just wonder if somebody in the "same major bank" is going to take the hit for all these winding ups!!!
"You are right not because the world agrees or disagrees with you, rather you are right because your facts & reasoning are right."
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(10-03-2017, 08:24 AM)sgmystique Wrote:
(09-03-2017, 11:08 PM)CY09 Wrote:
(07-02-2017, 03:56 PM)weijian Wrote: Will history repeats itself?

Swiber's sequence of events:
8th July: LOD for aggregate 4.76mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=412098
25th July: LOD for aggregate 15.2mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414018
26th July: LOD for aggregate 25.9mil http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414403
27th July: Provisional Liquidation http://infopub.sgx.com/FileOpen/SHL%20-%...eID=414404

http://infopub.sgx.com/FileOpen/Ezra%20A...eID=442810

More and more LODs are appearing.

Perhaps this is really a swiber. With again, the same major bank supporting them

I just wonder if somebody in the "same major bank" is going to take the hit for all these winding ups!!!

"We are XXX. We have to, and will be number one...."
https://www.valuebuddies.com/thread-1928...#pid137276

I wonder is this the attitude a couple of years back for OnG? Nonetheless, from the corporate career standpoint (with the principal-agent problem), there is absolutely no other choice. If i were them, i would have taken the same path.
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This is probably the largest claims against Ezra as guarantor. However kudos to the managment for selling stakes to Japanese companies who foolishly bought into Emas

http://infopub.sgx.com/FileOpen/Ezra%20-...eID=442989
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