MARCH 19, 2017 — The Board of Singapore based Ezra Holdings Limited says that on March 18, 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"), filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in order to facilitate the financial restructuring of the Ezra Chapter 11 Entities, and consequently, the Group.
The Board said that 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 (including its creditors and shareholders) 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.
Among companies that have made claims against Ezra is shipbuilder VT Halter Marine.