Emas Offshore, part of Singapore’s Ezra Holdings, has suffered the biggest setback yet to its financial restructuring after BT Investment (BTI), part of Baker Technologies, terminated the term sheet signed last year, which would have seen it inject significant funds.
Last week, BTI told Emas Offshore that it is no longer willing to pursue the restructuring proposal that was presented to the Singapore High Court, but was open to presenting a fresh proposal. It is unknown why the company has had a change of heart.
Emas applied to extend its court protection last week for an additional four months after it failed to meet the previous deadline, however did reiterate last week’s assertion that it has received interest from other potential investors, including interest for some of its vessels.
A deal to restructure Emas Offshore had looked close in February when the company, supported by the banks, had obtained the court’s leave to convene a creditors meeting to seek approval for the restructuring. The restructuring would have seen BTI and private equity firm Point Hope each invest $25m.