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.