Singapore court paves the way for Emas Offshore rescue plan

The Singapore High Court yesterday paved the way for Emas Offshore, part of Ezra Holdings, to set about restructuring after two white knights were found last month to inject cash into the struggling company.

The court has issued orders which will block legal proceedings and ensure protection against the winding up of the company and its subsidiaries, giving Emas Offshore six months to complete the restructuring

In the meantime, the court has asked Emas Offshore to submit a report on the value of its assets, information relating to any acquisition or disposal of property or grant of security over any of its property as well as forecasts of the profitability and the cash flow from the operations of the group.

Singaporean companies BT Investment and Point Hope are each investing $25m as part of a restructuring that Emas Offshore says will substantially deleverage its balance sheet and strengthen its working capital position.

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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