Ezra Holdings faces EMAS AMC wind up

The run of bad news continues for Singapore offshore firm Ezra Holdings. The company has announced that EMAS AMC, a subsidiary of EMAS Chiyoda Subsea, has been hit with a winding up application filed by logistics provider Necotrans Singapore.

The winding up application against EMAS-AMC is set for hearing on March 3, and Ezra said that company is seeking legal advice.

Ezra itself is also facing a wind up petition from Forland Subsea over unpaid charter fees and it now has just two weeks left to make good on around $3m. Meanwhile Norway’s Ocean Yield is also owed charter fees and has decided to cancel the bareboat charter of Lewek Connector, a subsea construction vessel that had been on a charter to EMAS Chiyoda Subsea and guaranteed by Ezra.

EMAS Chiyoda Subsea is owned 40% by Ezra, 35% by Chiyoda and 25% by NYK. It is also fighting a case in a Texas court with Bibby Offshore over unpaid debts for work carried out in Trinidad.

Ezra recently admitted it might have to write off $170m from its investments in the EMAS Chiyoda Subsea joint venture following write-downs flagged by both of the Japanese companies involved in the JV.

The uncertainly caused the write down, ongoing efforts to restructure and multiple court cases have Ezra struggling to finalise its first quarter results and subsequent to a previously announced 30-day extension, Ezra is now moving to delay the release of its results another 60 days.

Ezra Holdings shares closed trading on Monday at an all time low of 2.4 cents.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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