Ezra lines up rescue plan with Asia Fund Space
It will seek approvals from the courts in the US and in Singapore for the agreed reorganisation plan with AFS
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DISTRESSED offshore and marine (O&M) group Ezra Holdings has entered into a binding proposal with Asia Fund Space (HK) Ltd (AFS) that will see existing assets spun off under a separate trust and the possible injection of one or more new businesses into the Singapore-listed company.
Asia Fund Space, a financial consultancy specialist, will also invest S$1 million into the reorganised Ezra in exchange for 92 per cent of its enlarged share capital. The combined stake to be held by existing shareholders will be diluted to just 4 per cent of the enlarged capital, before the injection of new businesses into the Singapore-listed entity. Ezra's creditors will hold the remaining 4 per cent equity in the company.
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