Ezra noteholders seek rights issue, cash from escrow
Observers warn against getting hopes up on recovering most of what they are owed
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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.
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