Ezra admits $170m writedown is on the cards

Ezra admits $170m writedown is on the cards

Embattled Ezra Holdings has once again flagged its ability to operate as a going concern as it confessed in a release it might have to write off $170m from its investments in joint venture EMAS Chiyoda Subsea.

Japanese partners in the venture Chiyoda and NYK have already issued similar writedown warnings at the end of last month. The joint venture has defaulted on charters with Forland Shipping and Ocean Yield in recent months.

Ezra has been on trading halt for the past couple of days and has been the source of much conjecture about its future. Its net current liability position as of the end of August last year stood at $887.22m – the likely writedown announced today will take it past the billion mark.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Avatar
    Luis
    February 3, 2017 at 5:11 pm

    This bunch has a had a fork in them for years…smoke and mirrors kept them propped up…they are toast…