Ezra's restructuring proposal with Asia Fund Space falls through

Singapore

OFFSHORE and marine group Ezra Holdings said that a plan to put its assets under a separate trust as part of its restructuring has fallen through.

In a statement on Tuesday, Ezra said a proposal with financial consultancy specialist Asia Fund Space (HK) (AFS) was terminated on July 16 after AFS did not meet certain requirements of the deal.

Specifically, this relates to the non-submission of a request to list a trust or newly formed entity made up of existing assets of Ezra on the Catalist board.

On March 1, Ezra entered into the binding proposal with AFS, which would have seen Ezra's existing assets spun off under a separate trust and the possible injection of one or more new businesses into the Singapore-listed company. The proposal also called for the setting up of a second entity for the purpose of a real estate property business AFS is looking to acquire in Myanmar.

As a result of the termination of the proposal, Ezra has amended its restructuring plan, and on Tuesday filed amendments to its Chapter 11 plan and disclosure statement in the US Bankruptcy Court.

Ezra has also proposed the appointment of a debtors' representative to implement the amended plan and "seek the commencement of judicial management proceedings in relation to the company in Singapore to address any remaining assets for the benefit of parties-in-interest".

In March, the offshore services provider lodged a cross-border protocol application to coordinate the efficient administration of its bankruptcy proceedings in the US and restructuring proceedings in Singapore.