SINGAPORE - Ezion Holdings said on Wednesday (Oct 25) that it will be applying to strike out the Originating Summons issued by the High Court and taken out by bond holder Ravi Murarka against the company.
Mr Murarka is seeking a court declaration that Ezion's shares have "ceased to be traded" on the Singapore Exchange. This is in reference to a bond clause that allows holders of Ezion's DBS-backed bonds to demand to be paid back in full "in the event that the shares of the issuer cease to be listed or traded".
Ezion suspended trading of its shares on Aug 14 to discuss a debt reorganisation plan with lenders.
The firm said it intends to strenuously oppose the Originating Summons.
Its lawyers told the High Court at a pre-trial conference on Wednesday that the company will be applying to strike out the Summons.
This application must be filed by Nov 1. The Court has fixed the application hearing for Nov 27.
The main hearing of the Originating Summons will be fixed after the outcome of the striking-out application.