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Over 99% of Ezion shareholders vote in support of debt refinancing package

PC Lee Published on Thu, Mar 29, 2018 / 8:08 AM GMT+8

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SINGAPORE (Mar 29): Shareholders of Ezion Holdings have voted almost unanimously in support of a debt refinancing and restructuring package that will strengthen the group's cash flow and provide additional working capital in the prolonged O&M sector downturn.

At the EGM on Wednesday, 99.2% of votes cast were in favour of the debt refinancing proposal that will ease liabilities by as much as US$371 million ($487 million) and generate new funds of up to US$486 million.

Under the proposal, holders of Ezion's six series of bonds and securities totalling about $575 million will be allowed to swap debt for shares in offshore support and services company.