EMAS Offshore, together with its wholly owned subsidiaries Emas Offshore Pte Ltd and Emas Offshores Services, successfully obtained on Feb 15 the High Court’s leave to convene their respective creditors’ meeting to consider the scheme of arrangement being proposed to their creditors.
This is with the support of the group’s principal bank lenders for the group’s restructuring plan based on the BTI Term Sheet, Emas said. In addition, the court has extended the moratoriums restraining proceedings or enforcement by creditors against the companies until June 30 this year or further.
Emas had entered into a revised term sheet in December with BT Investment (BTI), a wholly owned subsidiary of Baker Technology. In September, BTI was named as one of two investors to have pledged a combined US$50 million equity injection.
In a filing to the Singapore Exchange on Thursday night, Emas said: “The restructuring group is hopeful that having obtained the court’s leave to convene the creditors’ meeting and the extensions of the existing moratoriums will provide the impetus and stability to the group to progress the restructuring exercise and provide the group’s stakeholders with added clarity as to the next steps ahead.”
It added that the group will work closely with its investors, principal bank lenders and other stakeholders on the restructuring exercise.