STRUGGLING offshore and marine player Ezion Holdings on Monday announced its restructuring plan to refocus its business on the provision of vessel-management services, following a strategic review of its options in consultation with major lenders.
The company said that it will take steps to realise value by disposing of its vessels in an orderly manner over a period of time; this will enable it to better manage its cashflow constraints by reducing the holding costs of the vessels as well as the amount of liabilities. It will also implement further cost-cutting measures in line with business requirements and continue the search for potential investors to recapitalise the group and realise the value of the listed status of the company, on the basis of a vessel-management company.
The company has appointed RSM Corporate Advisory as corporate restructuring advisor to oversee the implementation of the restructuring plan over the course of the next year and will in due course hold an informal meeting for securities holders.