EMAS Offshore fails to meet scheme deadline; term sheet not terminated

By Caroline Salls

Pittsburgh, Nov. 3 – EMAS Offshore Ltd. did not file a scheme of arrangement application under the Companies Act in Singapore by the Oct. 30 milestone date set in a term sheet reached with potential investors, but the term sheet has not been terminated, according to a release from Baker Technology Ltd.

As previously reported, EMAS entered into a binding term sheet with potential investors, including Baker Technology wholly owned subsidiary BT Investment Pte. Ltd. and Point Hope Pte. Ltd., as part of the financial restructuring of the EMAS group.

Baker said in Friday’s release that restructuring exercise discussions are still ongoing.

EMAS Offshore is a subsidiary of Ezra Holdings Inc. Ezra, a Singapore-based provider of offshore support for the oil and gas industry, filed bankruptcy on March 19 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 17-22405.

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