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.
Emas Offshore was close to securing a restructuring earlier in the year, however in July BT Technologies pulled the plug on a $50m rescue deal. Shortly after, BT moved to acquire CH Offshore instead.
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.
