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Ezra Bankruptcy Plan Filed

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Ezra Holdings filed with the U.S. Bankruptcy Court a Chapter 11 Plan and Ezra Holdings Limited’s Singapore Scheme of Arrangement and related Disclosure Statement.

According to the Disclosure Statement, “The Plan and Ezra Scheme contain plans for each of the Debtors and do not provide for the Debtors’ substantive consolidation. With respect to debtor Ezra Holdings, the Plan and Ezra Scheme provide for the (i) liquidation of assets through a creditor trust, (ii) consummation of the New Ezra Transaction and (iii) consummation of the Holding Company Transaction, which will result in the emergence of a capitalized New Ezra, all of which provide value to both creditors and shareholders beyond what could be obtained through a liquidation alone.”

The objectives of the Plan and Ezra Scheme are as follows: “To prevent a scramble for the assets of the Debtors by the Creditors and ensure an orderly distribution of monies to the Creditors either prior to emergence or subsequently by the Creditor Trust; and to allow the Debtors to recover their debts. In conjunction with the solicitation and confirmation of the Plan before the Bankruptcy Court, Ezra Holdings will commence a restructuring process before the Singapore Court, requesting sanction of the Ezra Scheme, as approved by the requisite majority of the Creditors of Ezra Holdings, under Section 210 of the Companies Act. After its initial filing to seek leave of the Singapore Court to convene the Scheme Meeting, Ezra Holdings will request that the Singapore Court hold a hearing, to set a timeline for the Scheme Meeting and other relief.”

In addition, “The value of unencumbered assets will be distributed ratably to the unsecured creditors of the relevant Debtor. In addition, upon the occurrence of the Distribution Enhancement Trigger, respectively, Holders of Unsecured Claims against Ezra Holdings will receive, (i) shares equal to 4% of the enlarged share capital of the reorganized New Ezra and (ii) shares equal to 4% of the share capital of the Holding Company as at completion of the Holding Company Transaction.”

Read more Ezra bankruptcy news.

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