Asia Fund Space moves to rescue Ezra Holdings

Asia Fund Space moves to rescue Ezra Holdings

Hong Kong’s Asia Fund Space Group, an online regional financial consultancy agency specialising in equity market restructuring and financing, has agreed to acquire new shares in the capital of Singapore’s Ezra Holdings and is also considering injection of new assets into Ezra.

Ezra Holdings filed for chapter 11 in the US last March and has been seeking investors since.

The new agreement is subject to Ezra shareholder, creditor, and court approvals being obtained and is not expected to be completed until December 31.

The agreement will see Ezra transfer all of its existing assets to a creditor trust with the proceeds and/or interests distributed to existing claimants, while new shares will also be issued in the reorganized Ezra to creditors, amounting to 4% of the resultant enlarged share capital. Asia Fund Space will invest S$1,000,000 ($755,000) into the reorganised Ezra in exchange for 92% of the resultant enlarged capital. Existing shareholders of Ezra shall hold the remaining 4%.

An injection of new assets into Ezra, with the support of Asia Fund Space, will also see the company acquire one or more new businesses by the end of the year.
 
The company said it will also list its Myanmar real estate assets with 5% of the share capital being issued to Ezra’s shareholders and creditors. 
 

Mark Lee, managing director of Asia Fund Space, commented: “Ezra’s proposed restructuring plan, which Asia Fund Space has agreed to fund, seeks to create a positive situation for Ezra’s constituents. We are particularly heartened to have a role in the proposed restructuring plan by Ezra which, if approved by the courts, will provide Ezra’s creditors and existing shareholders with an incremental return. Moving forward, with its strong network in Greater China and ASEAN, AFS aims to offer similar value-added financial solutions to more SGX-listed companies.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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