I have to hand it to the SGX: You can be a listed company and make no announcement when a creditor takes control of a USD 500m asset, and its spoolbase is also reposessed; but incorporate a minor subsidiary with 200 shares at a nominal price and you rush out an announcement. I would have asked for a please explain? But who am I? You can’t make this up.
For what its worth I see this as EZRA seeking protection under US Chapter 11 rather than trying their luck with the new Singapore code which has very little precedent. All you basically need is a US Co. and a bank account. I could be wrong but I don’t really get the point of this otherwise.