Ezra Holdings files for Chapter 11News // March 20, 2017
Ezra Holdings Limited, together with its wholly-owned subsidiaries EMAS IT Solutions Pte Ltd and Ezra Marine Services Pte Ltd, has filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, in orrder to facilitate the financial restructuring of the Ezra Chapter 11 entities, and consequently, the group.
In a statement the company said: "The Board commenced the Ezra Chapter 11 Filing, which it believes to be in the best interest of all of the company’s stakeholders, to achieve a sustainable capital structure for the group and financial restructuring of the Ezra Chapter 11 entities through a transparent restructuring process under the supervision of the US Bankruptcy Court.
"The Ezra Chapter 11 filing is intended to optimize the scope and extent of the restructuring options available and to protect the interests of all stakeholders of the company from hostile actions that could harm the company and its stakeholders by diminishing the group’s value. The moratorium afforded under the Ezra Chapter 11 filing stays claims against the Ezra Chapter 11 entities and enforcement actions against their assets."