UK offshore contractor Subsea 7 is in advanced talks to take over a major stake in Singapore’s hard hit EMAS Chiyoda Subsea, according to a recent plan of reorganisation submitted to a bankruptcy court in the US.
EMAS Chiyoda Subsea filed for Chapter 11 bankruptcy protection in February.
Under plans submitted to the court, Subsea 7 aims to take over the subsea contractor and restructure many of its subsidiaries, while liquidating others it views as unprofitable. Chiyoda Corporation is also sponsoring the plan.
No price has been mentioned for the deal.
“The debtors believe that the plan is in the best interests of creditors when compared to all reasonable alternatives,” stated the filing to the Southern District of Texas division of the US bankruptcy court.
EMAS Chiyoda Subsea is a joint-venture run by Ezra Holdings, Chiyoda Corporation and Nippon Yusen Kaisha (NYK).