Ezra seeking waivers from holders of $150 mil notes due April 2018

SINGAPORE (Oct 25): Ezra Holdings is seeking support from holders of its $150 million notes due April 2018 to waive any breach by the group as a result of non-compliance with the financial covenants from now to the maturity of the note.

The noteholders are also asked to waive the occurence of any event of default of Ezra or its subsidiaries as a result of non-compliance with the financial convenants or when any of them begin steps to defer, reschedule or readjust their debts.

In its presentation to noteholders, Ezra says the waivers will help the group in its negotiations with lenders on securing additional working capital facilities, amending debt repayment or extending repayment obligations. They would also allow the company to focus on business and operations in light of the challenging market conditions.

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