Brief: Ezra Holdings responds to article "Japanese duo warn of impairments on stakes in Emas Chiyoda Subsea"

Ezra Holdings

03/02/2017 02:32

Feb 3 (Reuters) - Ezra Holdings Ltd  EZRA.SI  : 
    * Refers to article titled "Japanese duo warn of impairments 
on stakes in Emas Chiyoda Subsea" published in Business Times 
    * Co's investment in, shareholders loan to and inter-company 
balances owed by ECS Group amounts to US$170 million 
    * Clarifies that co is assessing impact of writedown and 
anticipated downgrade of investments in ECS and subsidiaries 
    * "Board wishes to clarify that company has no dispute with 
Bibby Offshore" 
    * "Bibby Offshore's claims are against ECS, which company 
does not control" 
    * Refers to article "Ezra in choppy waters as trade claims 
pile up" published in Straits Time on 2 February 
    * Will continue to work with advisors to review all options 
to restructure businesses, operations and balance sheet 
    * Article in Straits Times states subsea services provider 
Bibby Offshore had filed for arbitration against Emas Chiyoda 
Subsea, claiming it is owed a US$14.7 million 
    * Also assessing impact of loans extended to ECS Group by 
its joint venture partners, Chiyoda Corp and Nippon Yusen 
Kabushiki Kaisha 
    * Had recorded a net current liability position of US$887.2 
million for financial year ended 31 August 2016 
    * Emas-Amc had defaulted on payment of charter hire for 
october 2016, due for payment on 30 November 2016 
    * Co has various obligations owed to financial lenders and 
trade creditors and that will fall due from time to time such as 
interest payment on its S$150 million 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nSNZ84MQw 
Further company coverage:  EZRA.SI  
 
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