Does Ezion need new round of debt refinancing to be viable?

EZION Holdings deserves a pat on the back for pulling off what could be the most complex debt refinancing plan for a listed offshore and marine group - but the progress has not allayed lingering fears over future shareholder returns.

The complicated plan involves multi-stakeholders - holders of six series of notes and perpetuals, secured and unsecured lenders, the professional advisor of the refinancing exercise and an investment firm that is majority-owned by a security holder.

To put it simply, it calls for 11 proposed transactions spanning issuance of convertible bonds or debt-to-equity swap options, new shares, option shares and warrants in various combinations to the identified stakeholders.