Offshore vessel operator Emas Offshore, part of Singapore’s Ezra Holdings, has had its July application to be placed under judicial management approved by the High Court of Singapore.
Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services have been appointed as judicial managers to either ensure the survival of Emas Offshore, find a compromise or arrangement between Emas Offshore and its creditors, or seek a more advantageous realisation of Emas Offshore’s assets than a winding up.
Emas Offshore has been struggling since parent Ezra Holdings filed for chapter 11 in the US in March 2017. Multiple deals to rescue the company have failed, with Udenna in the Philippines and Singapore’s BT Technologies both pulling the plug on potential investments.
