Ezra    Last:0.011   -

EZRA HOLDINGS - RED HOT NEWS

Very well said. Is over already. Move on to other stocks ba. Congrats those who already profit. And sorry for those who are still stuck.

Wind22i      ( Date: 22-Mar-2017 22:34) Posted: Soon nobody will talk about this anymore.. Just like swiber... u talk talk talk also no use... It's dead, right? haha

 

Soon nobody will talk about this anymore..
Just like swiber...
u talk talk talk also no use...
It's dead, right? haha

 

  still learning

koala888      ( Date: 22-Mar-2017 21:56) Posted: Please lah, Loyz oil is managed by Lionel Lee' s Brother, Adrian Lee lah, where got not related one. laksaman57      ( Date: 22-Mar-2017 18:41) Posted: http://sgx.i3investor.com/m/announcement/276187.jsp

 

Please lah, Loyz oil is managed by Lionel Lee' s Brother, Adrian Lee lah, where got not related one.

laksaman57      ( Date: 22-Mar-2017 18:41) Posted: http://sgx.i3investor.com/m/announcement/276187.jsp

 

http://sgx.i3investor.com/m/announcement/276187.jsp

 

You' re a dare devil. Jumping in when others are fleeing

 

So whose next? Nam Cheong? Plenty to choose from.

 

The CEO can sleep well for many weeks and months liao. Laughing to his bank

 

Just came back Singapore and realise Ezra Chapter 11.

Alright, case close for my bet.

Move on

 

IOU, fr sg not so secure??

 

Probably, guarantee aren`t liabilities, once under chapter-11 filing. Its s good lesson to creditors , not take guarantee but assets as securities when giving loans.

joebloggs      ( Date: 22-Mar-2017 09:15) Posted: Totally agree with your comments pnuklis.   Also, on the Chapter 11 submission states their estimated liabilities as between US$100M - US$500M, these figures appear very low and I wonder how they came to that estimate.   Aren' t the guarantees a liability?   If liabilities were shown to be far in excess of assets, would Chapter 11 still be granted? Maybe not if a turnaround seen to be an insurmountable task, I' m not sure as I don' t know enough about Chapter 11. pnuklis      ( Date: 22-Mar-2017 09:07) Posted: Triyards is back to trading???????????? Ezra assets have impaired somuch that their liabilities overstrip their assets many times over. You will note Ezra has taken very little in impairments in the past. The US chapter 11 application has complicated things at SGX listing. US cahpter 11 allows to ringfence loans/bonds and allows restructuring in limited time of 6 months. Companies on the borderline can quickly come back but for Ezra it is a marathon task. First of all it will sink with little cash and offhires of charters but the leaseback commitments default might reposses assets and increase claims. I will be greatly surprised is this works!

 

DBS and OCBC have majority control of Triyards now. Whatever banking facilities extended to Triyards should be backed against vessel orders. If the customers cancel the orders halfway, then it will be crunch time for Triyards. 

ysh2006      ( Date: 22-Mar-2017 08:59) Posted: Very strange banks and debtors don't chase this shipyardto pay money back...? joebloggs      ( Date: 22-Mar-2017 08:10) Posted: Triyards SGX Announcement -   http://triyards.listedcompany.com/newsroom/20170321_224839_RC5_3MINKO4Y749WMZJ5.1.pdf   " Arising from the Ezra Chapter 11 Filing, certain financial institutions which provided borrowings to the Group may seek to assert rights under the banking facilities entered into by the Group, including the right to demand immediate repayment and termination or withdrawal of the loan at any time, and the moratorium afforded under the Ezra Chapter 11 Filing does not stay claims against the Group in relation to these existing banking facilities. The Group has/will engage and work closely with its financial institutions to ensure that there is minimal or no disruption to its existing banking facilities" .  1. INTRODUCTION 1.1 The Board of Directors (the &ldquo Board&rdquo ) of TRIYARDS Holdings Limited (the &ldquo Company&rdquo , together with its subsidiaries and associated companies, the &ldquo Group&rdquo ) refers to the announcement (&ldquo Ezra Chapter 11 Announcement&rdquo ) released by the Company&rsquo s ultimate holding company, Ezra Holdings Limited (&ldquo Ezra&rdquo , together with its subsidiaries and associated companies, the &ldquo Ezra Group&rdquo )): (a)   on 19 March 2017, where Ezra announced that it, together with its wholly-owned subsidiaries, EMAS IT Solutions Pte Ltd and Ezra Marine Services Pte. Ltd (collectively, the &ldquo Ezra Chapter 11 Entities&rdquo ), voluntarily filed a petition for reorganisation under Chapter 11 of the United States Bankruptcy Code (&ldquo Ezra Chapter 11 Filing&rdquo ) in order to obtain the protection of the United States Bankruptcy Court to facilitate the financial and operational restructuring of the Ezra Group and (b)   on 2 March 2017, where Ezra announced that its associated company, EMAS CHIYODA Subsea Limited (&ldquo ECS&rdquo ) has, together with certain subsidiaries of ECS (collectively, the &ldquo ECS Chapter 11 Entities&rdquo ), voluntarily filed a petition for relief under Chapter 11 of the United States Bankruptcy Code (&ldquo ECS Chapter 11 Filing&rdquo ). 2. INTERCOMPANY RECEIVABLES AND CERTAIN EXISTING FACILITIES 2.1   As at 30 November 2016, the aggregate amount intercompany receivables and payables owing from the Ezra Chapter 11 Entities and the ECS Chapter 11 Entities to the Group was approximately US$1.4 million and US$1.6 million respectively. 2.2   As disclosed in the Company&rsquo s Annual Report for the financial year ended 31 August 2016, the Company has guaranteed part of the joint bank facilities granted to the Company and Ezra, which it is liable for in the event of default by Ezra up to a maximum of US$30 million (&ldquo US$30M Liability&rdquo ). The current outstanding amount under this facility is approximately US$ 29.7 million. At this stage, none of the financial institutions have taken any action with respect to the US$30M Liability. 2.3   In addition, under one of the existing banking facilities with an outstanding borrowing by the Group of approximately US$8.5 million which remains outstanding (&ldquo US$8.5M Liability&rdquo ), Ezra and the Company have jointly provided corporate guarantees to the financial institution. Following the Ezra Chapter 11 Filing, pursuant to certain terms of the facility agreement, the relevant financial institution may assert its right to demand repayment of the US$8.5M Liability. 1 3. POTENTIAL IMPACT OF EZRA CHAPTER 11 FILING 3.1   Arising from the Ezra Chapter 11 Filing, certain financial institutions which provided borrowings to the Group may seek to assert rights under the banking facilities entered into by the Group, including the right to demand immediate repayment and termination or withdrawal of the loan at any time, and the moratorium afforded under the Ezra Chapter 11 Filing does not stay claims against the Group in relation to these existing banking facilities. The Group has/will engage and work closely with its financial institutions to ensure that there is minimal or no disruption to its existing banking facilities. 3.2   The Company is currently seeking advice on the Ezra Chapter 11 Filing, as well as assessing the impact of such filing on the Group. At this stage, the Company is not aware of any actions by the Group&rsquo s financial institutions as a result of the Ezra Chapter 11 Filing and the Company does not have a going concern issue. In the event that any material changes occur in relation to any or all of these existing banking facilities of the Group, the Company will review and assess its ability to continue as a going concern. 4. GENERAL 4.1   Further announcements will be made by the Company and the Board via SGXNET as and when there are any material developments in compliance with the listing rules of the Singapore Exchange Securities Trading Limited. 4.2   Shareholders of the Company are advised to exercise caution when trading in the Company&rsquo s shares. When in doubt as to the action they should take, shareholders and potential investors should consult their financial, tax or other advisers.

 

Totally agree with your comments pnuklis.   Also, on the Chapter 11 submission states their estimated liabilities as between US$100M - US$500M, these figures appear very low and I wonder how they came to that estimate.   Aren' t the guarantees a liability?   If liabilities were shown to be far in excess of assets, would Chapter 11 still be granted? Maybe not if a turnaround seen to be an insurmountable task, I' m not sure as I don' t know enough about Chapter 11.

pnuklis      ( Date: 22-Mar-2017 09:07) Posted: Triyards is back to trading???????????? Ezra assets have impaired somuch that their liabilities overstrip their assets many times over. You will note Ezra has taken very little in impairments in the past. The US chapter 11 application has complicated things at SGX listing. US cahpter 11 allows to ringfence loans/bonds and allows restructuring in limited time of 6 months. Companies on the borderline can quickly come back but for Ezra it is a marathon task. First of all it will sink with little cash and offhires of charters but the leaseback commitments default might reposses assets and increase claims. I will be greatly surprised is this works!

 

Triyards is back to trading???????????? Ezra assets have impaired somuch that their liabilities overstrip their assets many times over. You will note Ezra has taken very little in impairments in the past. The US chapter 11 application has complicated things at SGX listing. US cahpter 11 allows to ringfence loans/bonds and allows restructuring in limited time of 6 months. Companies on the borderline can quickly come back but for Ezra it is a marathon task. First of all it will sink with little cash and offhires of charters but the leaseback commitments default might reposses assets and increase claims. I will be greatly surprised is this works!

 

Very strange banks and debtors don't chase this shipyardto pay money back...?

joebloggs      ( Date: 22-Mar-2017 08:10) Posted: Triyards SGX Announcement -   http://triyards.listedcompany.com/newsroom/20170321_224839_RC5_3MINKO4Y749WMZJ5.1.pdf   " Arising from the Ezra Chapter 11 Filing, certain financial institutions which provided borrowings to the Group may seek to assert rights under the banking facilities entered into by the Group, including the right to demand immediate repayment and termination or withdrawal of the loan at any time, and the moratorium afforded under the Ezra Chapter 11 Filing does not stay claims against the Group in relation to these existing banking facilities. The Group has/will engage and work closely with its financial institutions to ensure that there is minimal or no disruption to its existing banking facilities" .  1. INTRODUCTION 1.1 The Board of Directors (the &ldquo Board&rdquo ) of TRIYARDS Holdings Limited (the &ldquo Company&rdquo , together with its subsidiaries and associated companies, the &ldquo Group&rdquo ) refers to the announcement (&ldquo Ezra Chapter 11 Announcement&rdquo ) released by the Company&rsquo s ultimate holding company, Ezra Holdings Limited (&ldquo Ezra&rdquo , together with its subsidiaries and associated companies, the &ldquo Ezra Group&rdquo )): (a)   on 19 March 2017, where Ezra announced that it, together with its wholly-owned subsidiaries, EMAS IT Solutions Pte Ltd and Ezra Marine Services Pte. Ltd (collectively, the &ldquo Ezra Chapter 11 Entities&rdquo ), voluntarily filed a petition for reorganisation under Chapter 11 of the United States Bankruptcy Code (&ldquo Ezra Chapter 11 Filing&rdquo ) in order to obtain the protection of the United States Bankruptcy Court to facilitate the financial and operational restructuring of the Ezra Group and (b)   on 2 March 2017, where Ezra announced that its associated company, EMAS CHIYODA Subsea Limited (&ldquo ECS&rdquo ) has, together with certain subsidiaries of ECS (collectively, the &ldquo ECS Chapter 11 Entities&rdquo ), voluntarily filed a petition for relief under Chapter 11 of the United States Bankruptcy Code (&ldquo ECS Chapter 11 Filing&rdquo ). 2. INTERCOMPANY RECEIVABLES AND CERTAIN EXISTING FACILITIES 2.1   As at 30 November 2016, the aggregate amount intercompany receivables and payables owing from the Ezra Chapter 11 Entities and the ECS Chapter 11 Entities to the Group was approximately US$1.4 million and US$1.6 million respectively. 2.2   As disclosed in the Company&rsquo s Annual Report for the financial year ended 31 August 2016, the Company has guaranteed part of the joint bank facilities granted to the Company and Ezra, which it is liable for in the event of default by Ezra up to a maximum of US$30 million (&ldquo US$30M Liability&rdquo ). The current outstanding amount under this facility is approximately US$ 29.7 million. At this stage, none of the financial institutions have taken any action with respect to the US$30M Liability. 2.3   In addition, under one of the existing banking facilities with an outstanding borrowing by the Group of approximately US$8.5 million which remains outstanding (&ldquo US$8.5M Liability&rdquo ), Ezra and the Company have jointly provided corporate guarantees to the financial institution. Following the Ezra Chapter 11 Filing, pursuant to certain terms of the facility agreement, the relevant financial institution may assert its right to demand repayment of the US$8.5M Liability. 1 3. POTENTIAL IMPACT OF EZRA CHAPTER 11 FILING 3.1   Arising from the Ezra Chapter 11 Filing, certain financial institutions which provided borrowings to the Group may seek to assert rights under the banking facilities entered into by the Group, including the right to demand immediate repayment and termination or withdrawal of the loan at any time, and the moratorium afforded under the Ezra Chapter 11 Filing does not stay claims against the Group in relation to these existing banking facilities. The Group has/will engage and work closely with its financial institutions to ensure that there is minimal or no disruption to its existing banking facilities. 3.2   The Company is currently seeking advice on the Ezra Chapter 11 Filing, as well as assessing the impact of such filing on the Group. At this stage, the Company is not aware of any actions by the Group&rsquo s financial institutions as a result of the Ezra Chapter 11 Filing and the Company does not have a going concern issue. In the event that any material changes occur in relation to any or all of these existing banking facilities of the Group, the Company will review and assess its ability to continue as a going concern. 4. GENERAL 4.1   Further announcements will be made by the Company and the Board via SGXNET as and when there are any material developments in compliance with the listing rules of the Singapore Exchange Securities Trading Limited. 4.2   Shareholders of the Company are advised to exercise caution when trading in the Company&rsquo s shares. When in doubt as to the action they should take, shareholders and potential investors should consult their financial, tax or other advisers.

 

In this respect, Ezra and its subsea associate ECS have taken a different route from Swiber Holdings, another erstwhile darling of Singapore's stock market, which entered into judicial management through an application with the Singapore court.

Ezra had said in its Sunday SGX disclosure that its Chapter 11 application is intended to "expand rehabilitation options to preserve value for all stakeholders of the group".

Legal experts had also identified the "debtor-in-possession financing" as a key characteristic of US bankruptcy code, which provides debtor companies more flexibility in prioritising financial resources for the purpose of rehabilitating their businesses over repaying their liabilities.

ECS is widely believed to have sought Chapter 11 protection to ring-fence US$90 million new funding from Chiyoda and Subsea 7.

While Ezra could be also seeking to protect whatever financial resources it has on the books, Mr Lee of Gibson Dunn said stakeholders may take comfort from media reports suggesting that with group "net assets exceeding net liabilities", there exists "a prospect of rehabilitation".

Court filings obtained by BT show Ezra had declared estimated assets of between US$500,000 and US$1 billion against estimated liabilities of between US$100 million and US$500 million.

 

 

Link not working.

laksaman57      ( Date: 21-Mar-2017 13:18) Posted: https://www.fool.sg/2017/03/20/these-oil-gas-companies-are-at-risk-of-becoming-the-next-ezra-holdings-limited/

 

https://www.fool.sg/2017/03/20/these-oil-gas-companies-are-at-risk-of-becoming-the-next-ezra-holdings-limited/

 

Similar to Linc Energy last year around this time!!

happyharvest      ( Date: 21-Mar-2017 10:28) Posted: Both BB and retailers are trapped