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Ezra's revamp plan sees no more than 2% recovery for unsecured creditors

Singapore

EZRA Holdings' debt restructuring plan projects that unsecured creditors can recover only up to 2 per cent of claims ranging from US$1.67 billion to US$2.32 billion from divestment of assets.

The Business Times understands that holders of Ezra's Singapore dollar medium-term notes - who are also unsecured creditors - will recover monies set aside under an escrow account, but only after claims filed by the notes trustee have been settled.

Ezra is seeking to restructure via a Chapter 11 filing in the US and a scheme of arrangement to be tabled under Singapore's updated debt restructuring regime.

Its plan calls for assets held by the holding company to be transferred to a trust. Ezra's debt...

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