EMAS Chiyoda granted court approval of $16 million Texas property sale

By Caroline Salls

Pittsburgh, June 21 – EMAS Chiyoda Subsea Ltd. received court approval of the $16 million sale of its San Patricio County, Texas, property to Subsea 7 (US) LLC, according to an order filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said the property is commonly known as the Ingleside Spoolbase.

In addition to the purchase price, Chiyoda Corp. will contribute $850,000 of cash that will be considered additional general unsecured creditor cash.

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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