Ezion Holdings is in the business of chartering out its liftboats, service rigs and barges etc. The company recently underwent a financial restructuring to save itself. It led to a massive dilution of old shareholders who are unlikely to recover their cost price. What went Wrong and its Financial Restructuring Ezion's management made the big mistake during the oil boom days to borrow money extensively to buy oil support equipment thinking that chartering rates will continue to be that high. In 2015, oil prices went down and Ezion's equipment were chartering at much lower rates and the company was unable to service its massive debts. The company underwent a financial restructuring in 2017 where i) Banks agreed to lend them money at a lower interest rate but received a large number of shares as part of the agreement, ii) Most bondholders and perpetual bonds agreed to convert their bonds into ......