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Emas Offshore reveals precarious debt position

Emas Offshore reveals precarious debt position

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Singapore’s Emas Offshore, part of Ezra Holdings, has presented its financials to the Singapore High Court after the court issued protection orders last month to pave the way for a restructuring.

The company revealed that of $727.5m of assets only around $21.8m was realisable, while liabilities totalled over $1.26bn. The majority of unrealisable assets are from fixed assets and amounts owed by other parts of Ezra Holdings, which filed for US bankruptcy protection in March.

The submission to the court shows the company with a fleet of 28 vessels.

In addition, forward projections presented to the court predict that the company will lose around $7.6m in the six months to February 2018.

Emas Offshore has been given six months by the court to complete its restructuring, which will see Singaporean companies BT Investment and Point Hope each investing $25m.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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