EMAS Offshore: Two banks not prepared to OK restructuring proposal

By Caroline Salls

Pittsburgh, Jan. 19 – EMAS Offshore Ltd. announced on Friday that DBS Bank Ltd. and United Overseas Bank Ltd. stated in affidavits filed with the High Court of the Republic of Singapore that they are not prepared to agree to the current terms of the company’s proposed restructuring.

According to an EMAS news release, DBS and United Overseas said they are prepared, at this stage, to continue discussions with the company and wholly owned subsidiary EMAS Offshore Pte Ltd. on a revised proposal or any other proposal from investors.

The affidavit was filed in response to an application filed by EMAS for the scheduling of creditor meetings for voting on its proposed scheme of arrangement.

EMAS said the hearing on the scheme application is scheduled for March 19. In the meantime, the company said it is in talks with DBS and United Overseas and with investors to come to a consensus on a revised proposal.

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, 2017 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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