Offshore vessel operator Emas Offshore, part of Singapore’s Ezra Holdings, has entered into a non-binding term sheet with Udenna Corporation as part of the financial restructuring of the group.
Dennis Uy-led Udenna, based in the Philippines, is the parent company of Pheonix Petroleum and Chelsea Logistics Holdings. Chelsea controls a number of shipping and logistics companies including Chelsea Shipping and Trans-Asia Shipping.
Now under a five-week exclusivity period to push the deal through, a definitive agreement would see Udenna would inject $73.29m into Emas Offshore.
Meanwhile another Ezra company, Triyards Holdings, is facing two separate winding up applications which are scheduled for hearings in the High Court of Singapore next month.