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Chitchat Ezra liquidation to hit DBS the hardest

Pinkieslut

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Ezra liquidation to hit DBS the hardest

The bank's exposure to the beleaguered group is around $637m.

As Ezra is foreseen to face liquidation, CIMB expects DBS to be hit the hardest, as the bank's exposure to the group is estimated to be $637m.

Ezra has called for a trading halt at the start of the month pending the release of an announcement. CIMB said this could be related to the results of its discussions with lenders and other stakeholders regarding its financial position, which could result in the group, its JV or subsidiaries’ liquidation in the worst case scenario.

"As of 31 Aug 2016, the group had US$989m of term loans and bills payable to banks, including US$568m from 75.46%-owned EMAS Offshore Limited and US$150m from 60.9%-owned Triyards Holdings Limited," CIMB explained.

The firm pointed out that DBS has the largest exposure to the Ezra group of companies at $637m, followed by OCBC at $300m and UOB at $166m. DBS's exposure is due to its lending to EMAS Chiyoda Subsea, given that it was the co-lead arranger for the loan facility for EMAS Chiyoda’s main vessel, the Lewek Constellation.

"Should the entire Ezra group go into liquidation, the banks will have to recognise their exposures as NPLs and make adequate provisions for the unrecoverable amounts," CIMB stated.

It furthered, "Based on 40-80% write-down in book value of fixed assets across the group, we estimate DBS will have to make specific provisions (SPs) of 8-16bp, OCBC: 9-12bp and UOB: 6-7bp. This assumes no SPs have been taken yet and will impact DBS’s FY17F net profit by 6-12%, OCBC: 5-8%, and UOB: 4-5%."

- See more at: http://sbr.com.sg/financial-services/news/ezra-liquidation-hit-dbs-hardest#sthash.VkwKvMub.dpuf
 

AsiaDK

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Last traded 4.9 cents before suspension.

Pre-opening Matching at 2.9 cents now
 
Last edited:

CoffeeAhSoh

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Ezra Founders Resolve $164 Million Divorce Asset Fight

Andrea Tan and Kyunghee Park

September 23, 2014, 5:41 PM GMT+8





Ezra Holdings Ltd.’s co-founders agreed to resolve a six-year legal battle over S$208 million ($164 million) of marital assets that includes a stake in the Singapore-based offshore marine company.

Former Ezra Chairman Lee Kian Soo, his ex-wife Goh Gaik Choo and their elder son Lionel, managing director of Ezra, this month dropped their challenges to a Jan. 29 Singapore High Court ruling after agreeing to a confidential settlement.

Lee, 69, was ordered to pay Goh S$56 million, including a possible transfer of as much as a 6.2 percent stake in Ezra, according to the 155-page January decision. Goh, 62, who has personal assets of S$27 million, failed in getting a S$40,000 monthly maintenance. Details of the settlement weren’t available in court papers.

Goh’s lawyer Engelin Teh and Lionel’s lawyer Philip Jeyaretnam declined to comment as terms of the settlement are confidential. Lee’s lawyer Cavinder Bull declined to comment. Ezra’s Chief Financial Officer Eugene Cheng said that the case is a private matter between shareholders and the company’s operations aren’t affected.

Lee in May argued that Goh, who left the family during the 2008 financial crisis, didn’t deserve 40 percent of their joint wealth as ordered by then Judicial Commissioner Lionel Yee. The ex-wife claimed her husband and son colluded to dissipate assets after she filed for divorce, citing “significant differences” including disregard for her Catholic faith and his suspected infidelity.



Substantial Discount

Lee transferred the Ezra shares at 45 Singapore cents to Lionel in 2009 and 2010, a substantial discount to the market price, according to the ruling.

The share transfer “was likely to have been entered by the husband and Lionel to enable the husband to significantly reduce the value of his assets,” Yee said in his ruling. Lee’s explanation that the 45 cents price was arrived at because he was born in 1945 was “odd,” Yee said.

Lee said he made “full and frank disclosure” on his assets and objected to demanding that his son transfer Ezra shares back to him as this would hurt their ties, according to court papers. If Lionel disposed of his Ezra shares this was likely to shake investor confidence and risk bringing down the stock price, he said.


Shares Fall

Ezra shares fell 1.5 percent to close at 99.5 Singapore cents, taking the decline this year to 28 percent. The benchmark Straits Times Index rose 0.1 percent.

The share transfer to Lionel was to fulfill an earlier pledge when the company reached S$100 million in profit, the husband said in court papers. Ezra posted net income of $175 million for fiscal year 2008.

Lionel owned about 19 percent of Ezra, according to the company’s annual report. Lee, who stepped down as chairman at the end of 2012 and was paid about S$40,000 a month in 2009, had a 1.5 percent stake, according to data compiled by Bloomberg. Goh earned about S$10,000 a month before she resigned in December 2008.

Yee, who’s now solicitor-general, also ruled that the transfer of a 67 percent stake in a privately-held family investment company to Lionel wasn’t likely to be “genuine,” according to court papers.

Separately, Yee ruled there was no evidence, contrary to Goh’s claim, that Lee held S$30.5 million worth of shares in Yangzijiang Shipbuilding Holdings Ltd., China’s No. 2 private shipyard.



Cab Driver

Lee worked part-time as a cab driver for 12 years till 1988 to supplement the family income. He and Goh started Ezra in 1992 to manage and operate offshore support vessels.

The company posted a 19 percent decline in net income to $53.6 million in the year ended August 2013. Sales rose 28 percent to $1.26 billion. Yee credited much of the success of Ezra, including its initial share sale in 2003, and the other family businesses to Lionel.

The former couple had assets in 29 bank accounts, nine properties including on the resort island of Sentosa, stocks, cars such as a Ferrari 360, BMW740Li and club memberships.

The case is Goh Gaik Choo v Lee Kian Soo, DT5683/2008. Singapore High Court.
 

CoffeeAhSoh

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Mysterious Chap and Mystery Company - Ezra

pic14.jpg

Lee Kian Soo
 

AsiaDK

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The going-concern issue is becoming a problem in Singapore.
https://www.bloomberg.com/gadfly/ar...ling-with-corporate-life-support-in-singapore
Ezra Holdings Ltd., an oil-services company, was the latest to indicate it faces debt hurdles that require a restructuring. Under Singapore law, as in the U.S., that could mean a stay on interest payments until creditors and shareholders agree on a balance sheet that allows the company to keep operating and eventually to pay most of its dues.
 

CoffeeAhSoh

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The going-concern issue is becoming a problem in Singapore.
https://www.bloomberg.com/gadfly/ar...ling-with-corporate-life-support-in-singapore
Ezra Holdings Ltd., an oil-services company, was the latest to indicate it faces debt hurdles that require a restructuring. Under Singapore law, as in the U.S., that could mean a stay on interest payments until creditors and shareholders agree on a balance sheet that allows the company to keep operating and eventually to pay most of its dues.



1 lot only s$30 sgp. today's low was s$28 per lot ( 1,000 shares )
 

AsiaDK

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now trading at s$0.03 cents. my broker said can "short" this counter big big. ???

on the contrary, I heard of some who went in to buy at 3 cents yesterday and sold off within the same day at 3.1 cents for a quick flip or back to the market at 3 cents within the same day.
 

AsiaDK

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Shares of Singapore-listed offshore services company Ezra Holdings hit an all-time low on Wednesday as concerns over its debt obligations continue to mount. The company's shares were sold down to 2.6 cents Singapore - the second fresh record low this week after problems with one of its joint ventures, EMAS Chiyoda Subsea, emerged. http://news.asiaone.com/news/business/ezra-shares-touch-record-low-debt-concerns-mount

The industry has bottomed recently, the $50 oil price allows Oilfield services companies that are not so highly geared to scoop up business assets at a tiny fraction of actual cost from their peers drowned in debts. In 1H16, we will see those who can't refinance in trouble but also a rally in players who had been conservative in the past few years.

2H16 prospects will depend on whether oil prices will continue to be supported at US$50.
 

SirRichard

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Lionel like his old man is a prolific playboy and chiongster.

Any information about the playboy lifestyle to share ?

i saw him in bkk before, they bought many levels of this condo called The River and convert them to serviced apartment called .. forgot the name... starts with K or H, forgot liao.. They have ownership in thai property company Raimon land as well I believe.
 

eatshitndie

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meanwhile there's a boom in luxury cruise ship building in italy, specifically in genoa and roma. the shipyards are churning out 5000-passenger ships in 18 months per ship. sg is not in the same league.
 
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