Emas Offshore, part of Singapore’s Ezra Holdings, says it has reached a deal with lenders to refinance its financial obligations over a period of five years.
Emas says the refinancing is subject to documentation and conditions that will be set out in definitive agreements, which are expected to be entered into within 60 days.
No further details were provided in the release, with more information set to be provided upon full completion of the deal.
As of August 31, Emas Offshore had total liabilities of around $1 billion having reported a full year loss of $265.3 million.
Yesterday Ezra Holdings shares soared by over 28% in advance of the news, leading SGX to query the share price movement.