Emas Offshore, part of Singapore’s Ezras Holdings, has suffered another setback to its financial restructuring after BT Investment, part of Baker Technologies, told the company that it is no longer willing to pursue the current restructuring proposal that was presented to the Singapore High Court.
BT Investment did not drop the deal entirely however, and has requested time to present a fresh proposal for Emas to consider.
Emas is now unable to complete its restructuring before the Singapore court deadline, and so has applied to extend its protection for an additional four months. The company did add that it has received interest from other potential investors, including interest for some of its vessels, but did not provide any further details.
In January, Singapore banks DBS and UOB rejected restructuring plans proposed by the company, however a deal looked close by February when the company, supported by the banks, had obtained the court’s leave to convene a creditors meeting to seek approval for the restructuring.