Emas Offshore, part of Singapore’s Ezra Holdings, says it will appeal a decision by the Oslo Stock Exchange to delist the company from the exchange in April.
The exchange cited Emas Offshore’s inability to publish its financial reports in a timely fashion as a key reason for the delisting, including its recent failure to publish the audited annual report for 2017.
The exchange cited Emas Offshore’s inability to publish its financial reports in a timely fashion as a key reason for the delisting, including its recent failure to publish the audited annual report for 2017.
The announcement from the Oslo exchange came just days after Emas Offshore was granted an extension to an order by the High Court of Singapore protecting it from potential legal action in order to finalise its proposed restructuring.
“The Oslo Stock Exchange’s decision comes at a time where the Group’s Restructuring Exercise has made significant progress,” the company said in a statement, adding: “The indicative restructuring proposal put forward by the Company has obtained initial expressions of support from some of the largest secured creditors of the EOL Group. The Company intends to move forward as quickly as practicable to bring its restructuring process to a successful close.”
Emas Offshore said it intends to pursue its right to appeal and believes the decision will be reversed.
