Ezra Investment Deal Collapses

Offshore services player Ezra Holdings said that its restructuring proposal with Asia Fund Space (AFS) has fallen through after the financial consultancy specialist failed to meet certain conditions of the deal.

In March this year, AFS agreed to acquire new shares in the capital of Ezra as well as the possible subsequent injection of new assets into Ezra.

Namely, under the proposal, AFS was required to, inter alia, use all reasonable commercial efforts as soon as practicable to procure the Holding Company to submit a listing application for the Catalist Board of the SGX-ST and acquire the Myanmar Property Business.

According to Ezra, the listing application has not been submitted and the company has decided to terminate the deal.

In addition, Ezra has filed a proposed First Amended Chapter 11 Plan and Disclosure Statement in the US Bankruptcy Court.

The First Amended Chapter 11 Plan proposes the appointment of a Debtors’ Representative to, in consultation with the independent directors of the company, implement the plan and after conclusion seek the start of judicial management proceedings in relation to the company in Singapore to address any remaining assets for the benefit of parties-in-interest.

Share this article

Follow Subsea World News

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

9th International Conference Offshore Foundations

Offshore Foundations is a technical event for experts in the wind industry. The goal is to push forward technical development for future foundation concepts.

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OGA 2019

Malaysia’s Oil, Gas and Energy (OGE) industry has been contributing about one-fifth to the national GDP…

read more >

Brasil Offshore 2019

The commemorative 20th anniversary edition of Brasil Offshore will be held under the auspices…

read more >