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Looks like the Lees are slowly getting off the hook...
Emas Offshore commences restructuring as white knight emerges http://splash247.com/emas-offshore-commences-restructuring-white-knight-emerges/
Emas Offshore commences restructuring as white knight emerges http://splash247.com/emas-offshore-commences-restructuring-white-knight-emerges/
Ezra has new website design. Looks like the company is doing just fine.
Keep it, it is not 3000 lots
garho85 ( Date: 28-Jul-2017 17:09) Posted:
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nothing u can do now except to wait and see. doubt there will be any money going back to shareholders.
Anyone know how should I do I still have 30lots of share...
Emas in itself is in a bad shape and it does not matter if Chapion is liquidated.
Emas Offshore subsidiary to be liquidated http://splash247.com/emas-offshore-subsidiary-go-liquidation/
The fact they' ve chartered a couple of vessels means they are trying to keep EMAS alove somehow, whether Ezra will stay as a shareholder and alive in its own right is abother matter.
granto ( Date: 30-Jun-2017 07:59) Posted:
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Ezra is finished and so is EmasCheoda now part of Subsea 7. The ones remaining to die are Emas Offshore headed by a director waiting to die any day as banks are not supporting them. Triyards is in the hands of banks. All this leaves Lee family out high and dry with no positions and hear some of them have vanished from Singapore scene. What a dreadful end to a big empire which seemed too big for their shoes.
Subsea 7 takes on EMAS Chiyoda Subsea business units and 850 staff http://splash247.com/subsea-7-takes-on-emas-chiyoda-subsea-business-units-and-850-staff/
your guess is as good as mine. only God knows
Vicks666 ( Date: 16-Jun-2017 11:48) Posted:
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What do you think this means for Triyards if Chapter 11 concludes ?
Either precipitates a sale of the business or back to biz as normal if Ezra survives ?
Either precipitates a sale of the business or back to biz as normal if Ezra survives ?
THE fate of certain assets of Singapore offshore services company Ezra Holdings and its subsidiaries and related companies &mdash which include the leading subsea contractor Emas-AMC &mdash could be clearer later this month following a vote on a related restructuring plan.
Ezra filed for Chapter 11 bankruptcy protection in March this year, and since then has been involved in extensive negotiations with various parties on the terms of a re-organisation plan that will enable it to restructure its debts, and possibly enable a new start.
Ezra has a complex group structure that includes its well-known subsidiaries Emas Offshore (offshore support and production), Triyards (construction yards) and London Marine Consultants (turret designer).
Those three subsidiaries are not in Chapter 11 bankruptcy, unlike Ezra&rsquo s subsea services division &mdash a company called Emas Chiyoda Subsea.
Emas Chiyoda Subsea is a joint venture between Ezra on 40%, Chiyoda on 35% and Nippon Yusen Kabushiki Kaisha on 25%, and is described by sources as the jewel in Ezra&rsquo s crown.
Emas Chiyoda is the owner of the Norway-based subsea construction company Emas-AMC, which was owned exclusively by Ezra prior to August 2015 when Chiyoda agreed to buy in.
However, Emas-AMC was placed in voluntary liquidation in Norway earlier this year by Emas Chiyoda.
Emas-AMC had secured several lucrative subsea contracts at the time it was placed in voluntary liquidation, including work in the Gulf of Mexico and West Africa and, notably, the subsea portion of a major $1.6 billion contract from Saudi Arabian state oil company Aramco that was won in partnership with India' s Larsen & Toubro for work on the Hasbah gas project
Emas said at the time the award was confirmed in July 2016 that its share of the work accounted for some 40% of the total, implying a value of about $640 million, and that there were also two, three-year extension options for the contract.
In addition, Emas-AMC has access to a decent fleet of offshore construction vessels led by the Lewek Constellation - an ultra-deep water multi-lay vessel with heavy lift capabilities.
The company says that the remainder of its offshore construction fleet comprises the Lewek Connector, Lewek Express, Lewek Champion, Lewek Centurion, Lewek Falcon, Lewek Inspector and Lewek Crusader.
However, sources said that Ezra&rsquo s ownership interests in the fleet are uncertain at this time.
Ezra&rsquo s net debt-to-equity ratio increased to 3.05 times at the end of 2016, with secured debt of $819 million and unsecured debt of $365 million as of 31 August 2016.
Therefore, finding a suitor for Ezra is challenging, said sources, although there is no shortage of interest in the vessels that its subsidiaries and related companies have access to.
Competitors in the subsea construction sector - including Offshore Oil Engineering Corporation (COOEC), McDermott and Saipem - are said to be keen on the Lewek Constellation, if the price is right.
However, the banks that could make significant losses as a result of lending to the likes of Ezra - and Singapore-based Swiber which is in judicial management - are understood to be in no mood to sell assets at discounts.
As one offshore and marine executive said: &ldquo The problem for the lenders is they are loathe to pull the plug on their borrowers because trying to liquidate them forcefully would end up pushing down the asset prices to fire sale levels. It&rsquo s better for the lenders and the borrowers to work together in an orderly fashion to raise cash to pay down the debts.&rdquo
Having said all that, McDermott recently closed the acquisition of the newbuild ultra-deep water vessel Amazon at a generous discount &mdash which sources said was $50 million - after the original owner Ceona fell into administration.
There is one company with early mover status related to the Ezra/Emas Chiyoda saga, and that is Subsea 7. At the time Emas Chiyoda filed for Chapter 11 protection, Subsea 7 agreed with Chiyoda to provide a loan of up to $90 million during Emas Chiyoda&rsquo s restructuring.
Subsea 7 is at the centre of a bankruptcy plan approved earlier this month by a US judge. That plan formulated by Subsea 7 and Chiyoda, DBS Bank, DNB Bank, Overseas China Bank Corporation and various other lenders related to the Lewek Constellation, according to court documents.
If the plan is approved by creditors, Subsea 7 could take control of certain aspects of Emas Chiyoda, including the latter&rsquo s Singapore, US and Saudi Arabia entities.
Sources said that, assuming the bankruptcy plan is then given final approval by the US bankruptcy court, Subsea 7&rsquo s priority is likely to be getting access to the Saudi Aramco contract, which has extension options, as well as taking over the best remaining contracts and assets including possibly the Lewek Constellation.
The restructuring plan for Emas Chiyoda, meanwhile, also leaves the door open for an alternative investor to offer a better path to an exit from bankruptcy if it pays off Emas Chiyoda' s debtor-in-possession financing provided by Subsea 7 and Chiyoda.
Lee' s were also had very good fundamentals when they started. However over the priod of time " the greed" cought on to them and more you need with out any limit will get you. I have seen this happenning to many of the CEO' s with out any limit. Some of them even after they cash out get more reedy to loose all they have made just feed the hunger for more and more greed.
That is why assessing a management of a company is equally important as we assess a company' s fundamentals.
We want to look for: Excellent management which will be shareholder friendly + excellent businesses with strong economic moat + buy at undervalued prices = excellent returns on investment.
This is the best combi to look for. These are the rare gems in the stock market. Excellent management build shareholder value by building up their businesses. Lousy management destroy shareholder value by building themselves up hidden under the presented surface that their businesses seem to be doing well. But if one looks carefully at their management actions carried out over a period of time, it is really not difficult to size up a management to know whether it is an excellent one or lousy one.
We want to look for: Excellent management which will be shareholder friendly + excellent businesses with strong economic moat + buy at undervalued prices = excellent returns on investment.
This is the best combi to look for. These are the rare gems in the stock market. Excellent management build shareholder value by building up their businesses. Lousy management destroy shareholder value by building themselves up hidden under the presented surface that their businesses seem to be doing well. But if one looks carefully at their management actions carried out over a period of time, it is really not difficult to size up a management to know whether it is an excellent one or lousy one.
Demostation ( Date: 01-Jun-2017 09:54) Posted:
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Singaporean investors really sufferred too much at the hands of these bloodsucking and inhuman CEOs and public directors. They played with shareholders and investors' hard earned savings betraying the trust given them. And they will stop at nothing until the house given them collapse.
If you really attend some of the AGMs or EGMs and see how deprived these retail investors are from the way they rushed at cheap food, it is really heart aching. It is indicating that they have lost so much money and wish to take some revenge. But no, most of them have been " swindled" and gone broke by unscrupulous company boards. They have very little money left, so with free food laid on the table, they will behave as though not have eaten for days. Many have been also become wlaking zombies. Our stock market looks like a cursed place to go to. Hope it will remake itself.
If you really attend some of the AGMs or EGMs and see how deprived these retail investors are from the way they rushed at cheap food, it is really heart aching. It is indicating that they have lost so much money and wish to take some revenge. But no, most of them have been " swindled" and gone broke by unscrupulous company boards. They have very little money left, so with free food laid on the table, they will behave as though not have eaten for days. Many have been also become wlaking zombies. Our stock market looks like a cursed place to go to. Hope it will remake itself.
sheerluck ( Date: 01-Jun-2017 09:30) Posted:
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Small Lee has dragged EZRA so deep into the woods that EZRA has becomes ZERO. Do they have clawback? So probably small can still live a life of luxury at the expenses of those note holders some of which has invested their hard earned money which are meant for their children education fund or for retirement.
So shame on the Lee for still sitting on a life of luxury at the expense of destroying others lives. Karma will catch up with him them soon whether in Singapore, US or anywhere. Whether this life or next.
So shame on the Lee for still sitting on a life of luxury at the expense of destroying others lives. Karma will catch up with him them soon whether in Singapore, US or anywhere. Whether this life or next.
TeoMark ( Date: 01-Jun-2017 09:21) Posted:
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Hopefully the big Lee is taking over. Or get some outside professionals to take over.
Demostation ( Date: 01-Jun-2017 09:17) Posted:
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Ezra would not give up. I think Mr. Lee will make it. If he manages to have suspension lifted, then shareholders will be overjoyed. He is working on it, but will he succeed?
The CEO has gone hiding in Thailand ???????????????????????????