EMAS Chiyoda Subsea eyes two-month precautionary exclusivity extension

By Caroline Salls

Pittsburgh, June 22 – EMAS Chiyoda Subsea Ltd. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, EMAS Chiyoda wants the court to extend its exclusive plan-filing period through Aug. 28 from June 27 and the solicitation period through Oct. 25 from Aug. 28.

As previously reported, the disclosure statement for the company’s third amended plan was approved on May 25. The plan confirmation hearing is scheduled for June 29.

“Out of an abundance of caution, the debtors request extension of the exclusivity periods to provide the debtors and their advisers with the opportunity to continue to solicit votes and pursue confirmation of the plan,” the motion said.

“Further the debtors are filing this motion to extend the exclusivity periods for the non-reorganizing debtors, to allow for the continuing resolution of issues related to the estates of the non-reorganizing debtors.”

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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