Ezra Holdings requests 30-day exclusivity extension to finalize plan

By Caroline Salls

Pittsburgh, Feb. 16 – Ezra Holdings Ltd. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, Ezra is asking the court to extend its exclusive filing period by 30 days through March 21 and the solicitation period through July 11.

“The debtors are on the precipice of filing the plan and disclosure statement, but despite the efforts and progress made, the debtors need a short amount of time to finalize the plan and disclosure statement and to address procedural complexities,” the motion said.

The company said it expects to finalize and file the plan before the requested March 21 extended deadline.

According to the motion, the plan is expected to provide protection to creditors through the transfer of substantially all of the assets of Ezra Holdings, including ownership interests in its co-debtors, to a creditor trust.

To add value, the company said it expects to propose two additional “distribution enhancement” transactions, which, if completed, will provide significant value to stakeholders.

A hearing is scheduled for March 26.

Ezra, a Singapore-based provider of offshore support for the oil and gas industry, filed for bankruptcy on March 19, 2017. The Chapter 11 case number is 17-22405.

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