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EMAS Chiyoda gets OK of procedures for $14.85 million property sale
By Caroline Salls
Pittsburgh, April 25 – EMAS Chiyoda Subsea Ltd. received court approval of the bid procedures for the proposed $14.85 million sale of its San Patricio County, Texas, property, according to an order filed Monday 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 19, if necessary. Bids at auction must be made in minimum increments of $100,000.
The sale hearing is scheduled for June 20.
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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