EMAS Chiyoda requests approval of $14.85 million Texas property sale

By Caroline Salls

Pittsburgh, March 17 – EMAS Chiyoda Subsea Ltd. requested court approval of the bid procedures for the proposed $14.85 million sale of its San Patricio County, Texas, property, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Subsea 7 (US) LLC is the stalking horse bidder. If the stalking horse agreement is terminated under specified circumstances, Subsea 7 will receive a 2% break-up fee.

Competing bids are due by 5 p.m. ET on June 7 and must at least equal the amount of the stalking horse bid, plus the break-up fee amount and a $250,000 overbid amount.

An auction will be held on June 12, if necessary. Bids at auction must be made in minimum increments of $100,000.

A hearing is scheduled for April 24.

EMAS, a Houston-based global offshore marine company, filed bankruptcy on Feb. 27. The Chapter 11 case number is 17-31146.

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