EMAS Offshore, part of Singapore’s Ezras Holdings, has suffered a setback to its financial restructuring after Singapore banks DBS and UOB rejected restructuring plans proposed by the company.
Emas Offshore has been under the protection of the Singapore courts and has until April to complete a restructuring, which if approved will see Singaporean companies BT Investment and Point Hope each invest $25m.
The company did say that both DBS Bank and UOB are prepared to continue discussions on a revised proposal or any other proposal from investors.
Last week, Emas Offshore’s CEO and executive director Captain Adarash Kumar resigned after a little over two years in the role.
