EMAS Offshore unable to reach restructuring deal, moratorium expires

By Caroline Salls

Pittsburgh, Aug. 6 – EMAS Offshore Ltd. was unable to reach an agreement with potential investors and its key lenders on a restructuring proposal, according to a news release.

As a result, the company said an application to the High Court of the Republic of Singapore to extend a moratorium for the EOL restructuring group, which also includes wholly owned subsidiaries Emas Offshore Pte. Ltd. and Emas Offshore Services Pte. Ltd., will be withdrawn.

The moratorium expired on Monday, the release said.

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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