Hong Kong online regional financial consultancy Asia Fund Space Group has abandoned its plans to acquire new shares in Singapore’s Ezra Holdings.
Under an agreement proposed in March, Asia Fund Space was required to procure the holding company to submit a listing application for catalist board SGX-ST and acquire Ezra’s Myanmar Property Business. This has not been done, so Ezra Holdings has terminated the proposal.
Ezra Holdings filed for chapter 11 in the US last March and has been seeking investors since.
The company has now had to amend its restructuring plan and today filed a proposed First Amended Chapter 11 Plan that proposes the appointment of a debtors representative to implement the plan together with the board. Upon completion of this process, Ezra said it will commence judicial management proceedings in Singapore to address any remaining assets for the benefit of parties-in-interest.