Swiber

[tenyawph]

This thread has been 'hijacked' to talk about companies that will follow suit after Swiber's fate.

 

The next in line to fall, in my opinion, was Vallianz, a provider of offshore support vessels and integrated offshore marine solutions to the oil and gas industry, now trading at $0.02.  However, this probability has been averted recently.

 

More than a week ago, on 10 Mar, Vallianz announced that they have successfully concluded a debt restructuring exercise, which allowed the company to defer payments on their principal amounts, such that the bank borrowings will be repaid at a much later date.  This allows Vallianz to tide over their tight cash flow situation for at least 2 years.

 

http://www.straitstimes.com/business/companies-markets/vallianz-holdings-successfully-completes-debt-restructuring

 

However, Vallianz also has its own problems related to Swiber.

 

http://www.businesstimes.com.sg/companies-markets/vallianz-holdings-facing-2-foreign-lawsuits-related-to-swiber

 

Can Vallianz regain its former glory 10 years ago, in 2007, when it was trading at a high of $0.40? 

 

To quote Peter Lynch, “The true contrarian is not the investor who takes the opposite side of a popular hot issue (i.e., shorting a stock that everyone else is buying). The true contrarian waits for things to cool down and buys stocks that nobody cares about, and especially those that make Wall Street yawn.”

 

A word of caution.  This stock's share price near term performance is now 'controlled' by the big boys.  The share price is 'locked' between $0.019 and $0.021 (very high buy and sell queue).   In other words, it is not going to go anywhere in the near term.

 

[Throttle2]

guys dont spread fear leh.... I working in there leh....

 

later no $$ to bring home for mummy to cook good foods and cannot post picture in "What do you makan today". how?

You mean working in Ezra or Ezion ?

 

Employees will still get paid but basically got to look for another job very soon....

[Jamesc]

Wouldn't it be funny if after all is said n done the amount return to shareholders is

 

1 cent per share. I don't know if this is funny or not but I for one will be laughing.

 

:)

[Scion]

sigh... Ezra was a $2b company 10 years ago

 

all good things will have to come to an end

[Jujitsuka]

I think it coyld be becos they have world wide creditors and many US dom creditors.

So need US courts protection.

 

As i expected, they throw in the towel.

And its probably better for themselves to be protected.

Also probably better for creditor

 

For equity holders like yourself. Its probably leading to a complete writeoff by now.

Too little too late, i feel.

Ezra will be delisted in dues course in line with the chp11 filing

with the mountain of debt exceeding its assets and a business in an industry which is in doldrums.

Chapter 7 is the next step.

 

Treat as TOTO, lah

 

At least you put money where your mouth is . I respect.

 

Not like those f**k face lame asses who talk shit but they themselves got no guts to buy at 1ct.

 

Sian liao lor... tmr wk sure kanna suan by colleagues but its OK... hmm save money look at HMC or Kimly bah... no more overseas papaya farm trip for me thgis yr liao.

[Throttle2]

sigh... Ezra was a $2b company 10 years ago

 

all good things will have to come to an end

10 yrs ago, Apple also not that great.

So there are two sides.

Nothing is forever.

Good can be bad

Bad can be good.

Edited March 19, 2017 by Throttle2

[tenyawph]

Who is next in line then?

 

Could it be Nam Cheong, who is in the business of construction and supply of offshore support vessels (OSVs) used in the offshore oil and gas exploration and production, and oil services industries?

 

Its CEO had been lately disposing his shares, prior and post announcement of its full-year results (losses) on 28 Feb 2017. Its auditor has last Friday flagged the company’s ability to continue as going concern due to cash flow woes.

 

http://www.theedgemarkets.com.sg/article/nam-cheong%E2%80%99s-auditors-cast-doubt-company%E2%80%99s-ability-continue-going-concern

 

Nam Cheong might survive if it can emulate Vallianz by successfully restructure its debt repayment in time, to resolvet a big repayment for its medium term notes that is due in Aug 2017. 

 

One by one, the collateral damage due to the persistently low crude oil price currently (relative to a high of over US$100 per barrel 3 years ago) is spreading to many oil-related companies with weak balance sheets.  Some are teetering on the brink of bankruptcy, due to poor cash flows and mounting debts.    

[Cosmicclaw]

You mean working in Ezra or Ezion ?

 

Employees will still get paid but basically got to look for another job very soon....

 

His post was in July 2016. Maybe left already for greener pastures. I've heard of listed companies owing money to employees so don't be surprised that Ezra follows the same ...

[Kyrios]

Wow bad news after ezra

 

https://www.bloomberg.com/news/articles/2017-03-20/singapore-s-looming-debt-wall-fuels-concern-after-ezra-stumbles

 

 

Edited March 21, 2017 by Kyrios

[Jamesc]

He said people will get back pennies on the dollar.

 

1 cent good enough, 2 cents mean 100% profit.

 

:)

[Throttle2]

Wow bad news after ezra

 

https://www.bloomberg.com/news/articles/2017-03-20/singapore-s-looming-debt-wall-fuels-concern-after-ezra-stumbles

Its been around, many of these firms are connected in the same or related industry.

Just like how Lehman brought the downfall of many others.

If not properly capitalised, many firms may come tumbling.

[Jujitsuka]

He said people will get back pennies on the dollar.

 

1 cent good enough, 2 cents mean 100% profit.

 

:)

 

Looking at the situation, anything more than 0.015 for me is profit taking liao... LOL if it happens... 

Its been around, many of these firms are connected in the same or related industry.

Just like how Lehman brought the downfall of many others.

If not properly capitalised, many firms may come tumbling.

 

 

Now depends on govt policy whether they want the weaker firms to bow out and allow the larger firms to consolidate but then again who in their right mind would wanna buy such distressed assets with excess capacity? KOM or Sembcorp Marine... I dun think so bah... 

[Throttle2]

Looking at the situation, anything more than 0.015 for me is profit taking liao... LOL if it happens...

 

 

 

Now depends on govt policy whether they want the weaker firms to bow out and allow the larger firms to consolidate but then again who in their right mind would wanna buy such distressed assets with excess capacity? KOM or Sembcorp Marine... I dun think so bah...

 

Looking at the Ezra situation, you will not get anything back as an equity holder.

There is not enough to even pay the Creditors.

 

 

It doesnt always depend on the govt.

There are many things the govt cant do

Or even if they do they may do it wrong.

 

Consolidation in this industry means the survival of some and the demise of others.

There is no escaping the casualty.

Sometimes its better to let nature take its course.

[Kusje]

Looking at the situation, anything more than 0.015 for me is profit taking liao... LOL if it happens... 

 

 

Now depends on govt policy whether they want the weaker firms to bow out and allow the larger firms to consolidate but then again who in their right mind would wanna buy such distressed assets with excess capacity? KOM or Sembcorp Marine... I dun think so bah... 

 

Do you even know what business Ezra is in?

 

Totally different from Keppel or Sembcorp.... After the demise of Swiber and Ezra, there are practically no more companies in Singapore involved in this sector.

[Jujitsuka]

Do you even know what business Ezra is in?

 

Totally different from Keppel or Sembcorp.... After the demise of Swiber and Ezra, there are practically no more companies in Singapore involved in this sector.

 

 

Eh their Emas Offshore and Triyards can be absorbed under KFELs and KSL/KSM what? The sub sea biz ya cannot cos they dun do them... Same case for Sembcorp Marine.

[Kusje]

Eh their Emas Offshore and Triyards can be absorbed under KFELs and KSL/KSM what? The sub sea biz ya cannot cos they dun do them... Same case for Sembcorp Marine.

 

So far have not heard that Triyards is going bankrupt. As a subsidiary of Ezra, it's likely to change ownership (taken over by creditors) but not close down. And since their yards are not even in SG, what incentive does the SG govt have to take over them?

 

Emas Offshore - I don't think Keppel or Sembcorp has any business similar to them. 

[Blueray]

Loyz Energy has US$22.6m loans backed by vehicle of Ezra's CEO

 

 

LOYZ Energy said some US$22.6 million bank loans on its books are backed by corporate guarantees from an investment vehicle of Ezra Holdings' group chief executive and shareholder, Lionel Lee.

 

The investment vehicle, Jit Sun, also holds in excess of 151 million shares representing about 9.9 per cent interest in Loyz, the company said after trading closed on Wednesday.

 

The bank loans comprised current portion of US$2.1 million and non-current portion of US$20.5 million. They constituted 59 per cent of Loyz's unaudited net book value as at Dec 31, 2016.

 

Loyz said nothing has come to its attention that Jit Sun will not continue to provide the corporate guarantee for the bank loans.

 

Loyz said it has restructured the bank loans with the financial institutions to better match cash inflows with the principal and interest repayments.

 

Financial institutions have also extended assurances to Loyz that in the event that there are any breaches on the terms and conditions of the bank loans in relation to Jit Sun, they are prepared to consider waiving such breaches on a case-by-case basis.

 

Loyz also said it does not have any business and financial dealings with Ezra. As an independent exploration and production upstream energy company, Loyz also said it is in a different business sector from Ezra.

 

http://www.businesstimes.com.sg/companies-markets/loyz-energy-has-us226m-loans-backed-by-vehicle-of-ezras-ceo

[Throttle2]

Huishan diary pitchia, drop 80%