Ezra’s downfall sparks ripple effect

Ezra’s downfall sparks ripple effect

The ripple effect of Ezra Holdings’ bankruptcy petition in the US last week is spreading far and wide. Fellow Singaporean firm Loyz Energy has issued a release noting that it and Ezra share a common substantial shareholder in the form of beleaguered Ezra boss, Lionel Lee (pictured).

Via an investment vehicle, Lee controls 9.9% of the shares in Loyz. Moreover, $22.6m of Loyz’s bank loans are secured via a corporate guarantee from this Lee vehicle.

Neverhteless, Loyz said it had taken action with its creditors and stressed it does not foresee any issue in meeting its payment obligations.

In the release Loyz went on to stress that it has not business or financial dealings with Ezra, and was keen to point out as contagion spreads once again across the Singapore Exchange that it is in a different business strand to Ezra. Loyz is an independent exploration and production upstream energy company whereas Ezra is an offshore contractor.

Elsewhere, the bad news continued to pour in for Ezra’s Lee with Norway’s Financial Supervisory Authority imposing a fine to EMAS Offshore, an Ezra entity, of around $20,000 for failing to submit is 2016 annual report on time.

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.

Related Posts