Ezion Holdings
Ezion Holdings website

Ezion Holdings, which last week won bondholders approval for debt refinancing, on Friday said that the Singapore's High Court has dismissed the summons taken out by a substantial bond holder.

Ezion, in September, received a redemption notice from bondholder Ravi Murarka citing the bond clause that he can demand to be paid back in full "in the event that the shares of the issuer cease to be listed or traded".

Murarka, a substantial holder of company's tranche of S$120 million bonds, was the first to issue such a notice to the company.

Ezion had applied to the court to strike out the application on the grounds that the shares had not ceased to be listed or traded, and were only been suspended from trading.

The High Court granted the company's striking-out application, resulting in dismissal of the summons.

Last week, Ezion's bondholders overwhelmingly supported its proposal to push out maturity of and cut coupon rates on some S$575 million securities.

Shares in the company, which provides offshore marine logistics services, has requested for a trading suspension as it discusses funding options with its shareholders following a quarterly loss.