EZRA Holdings to miss Bond Payment under Chapter 11 Bankruptcy Protection
The Board of Directors (the “Board”) of Ezra Holdings Limited (the “Company”) refers to its announcement dated 19 March 2017. The Company, together with its wholly-owned subsidiaries, EMAS IT Solutions Pte Ltd and Ezra Marine Services Pte. Ltd. (collectively, the “Ezra Chapter 11 Entities”) had on 18 March 2017 filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Ezra Chapter 11 Filing”) in order to facilitate the financial restructuring of the Ezra Chapter 11 Entities, and consequently, the Company and its subsidiaries.
The Company wishes to announce that the interest payment due on 24 April 2017 with respect to the Company’s S$150,000,000 4.875 per cent. Fixed Rate Notes due 2018 comprised in Series 003 (ISIN:SG55F3991618) issued pursuant to the Company’s US$500,000,000 Multicurrency Debt Issuance Programme (“24 April 2017 Interest”) constitutes pre-Ezra Chapter 11 Filing unsecured claim that the Company is not permitted to make pursuant to the United States Bankruptcy Code. Accordingly, the Company will not be making payment in respect of the 24 April 2017 Interest.
Further announcements will be made by the Company and the Board via SGXNET as and when there are any material developments in compliance with the listing rules of the Singapore Exchange Securities Trading Limited.
When in doubt as to the action they should take, stakeholders and potential investors should consult their financial, tax or other advisers.