Ezra Holdings abandoned by Asia Fund Space amidst restructuring

AFS was not able to procure the holding company to apply for Ezra Holdings’ Catalist listing.

Asia Fund Space Group (AFS) has abandoned its proposed investment in Ezra Holdings following the latter’s restructuring.

AFS was required to procure the holding company to apply for Ezra Holdings’ Catalist listing and buy Ezra’s Myanmar property business, but it was not able to do so. Ezra Holdings has then terminated the proposal.

Ezra Holdings has been seeking investors after it filed the Chapter 11 Plan and disclosure statement in the US Bankruptcy Court and the Scheme Application in the Singapore Court to implement restructuring.

Given the termination of the proposal, Ezra Holdings has amended its restructuring plan. Its first amended Chapter 11 Plan and disclosure statement in the US Bankruptcy Court proposes the appointment of a debtors’ representative to implement the plan together with the company’s board.

It also seeks to commence judicial management proceedings to address any remaining assets for the benefit of parties-in-interest.