Ezra noteholders seek rights issue, cash from escrow
Observers warn against getting hopes up on recovering most of what they are owed
Singapore
EZRA Holdings' noteholders want the founding Lee family behind the debt-laden listed group to consider a rights issue as a restructuring plan is being drawn up for its Chapter 11 filing under the US bankruptcy code.
Noteholders also sought clarity on whether an escrow account the group pledged to set up for their benefit in March 2016 can ring-fence cash for the purpose of repaying the interest or principal sum of the S$150 million note issue.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama