Emas Offshore refinancing deal delayed

Emas Offshore, part of Singapore’s Ezra Holdings, has yet to close a previously announced deal with lenders to refinance its financial obligations over a period of five years.

Emas Offshore signed a term sheet with all its financial lenders in December 2016 with expectations to wrap up the deal within 60 days.

However, the company announced Friday that it is still in the process of finalising a definitive agreement and has requested a 60-day extension of negotiations.

Ezra Holdings announced last week that EMAS AMC, a subsidiary of its jv company Emas Chiyoda Subsea was served with a winding up application filed by logistics provider Necotrans Singapore.

Ezra itself is also facing a wind up petition from Forland Subsea as a guarantor if Emas Chiyoda Subsea does not settle debts of around $3m from unpaid charter fees. Ezra recently said it might have to write off $170m from its investment in the subsea joint venture.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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