Emas Offshore, part of Ezra Holdings, has been granted an extension to an order by the High Court of Singapore protecting it from potential legal action in order to finalise its proposed restructuring.
The company, supported by its principal bank lenders, has also obtained the court’s leave to convene a creditors meeting in order to seek approval for a proposed restructuring.
Emas Offshore says that the court decisions will provide the impetus and stability to progress the restructuring and provide stakeholders with added clarity in regards to the next steps the company needs to take.
“The Group will work closely with its Investors, principal bank lenders and other stakeholders to bring to fruition the Restructuring Exercise in the near future,” the company said in an exchange filing.
Singapore design and construction firm Baker Technology and private equity firm Point Hope each plan to invest $25m into Emas Offshore as part of the restructuring plan.
