SINGAPORE - Offshore and marine group Ezra Holdings on Tuesday (July 17) said that its binding proposal with financial consultancy specialist Asia Fund Space (HK) Ltd (AFS) was terminated on July 16 due to AFS not meeting certain requirements of the deal.
In particular, this relates to the non-submission of a request for listing a trust or newly formed entity comprising of existing assets of Ezra, such as Emas Offshore and Emas Chiyoda Subsea, 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, 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".
Its shares last changed hands at 1.1 cents on March 20 before the counter was suspended.