{"id":96358,"date":"2018-10-29T14:54:18","date_gmt":"2018-10-29T06:54:18","guid":{"rendered":"https:\/\/splash247.com\/?p=96358"},"modified":"2018-10-29T16:29:55","modified_gmt":"2018-10-29T08:29:55","slug":"emas-offshore-closes-in-on-another-rescue-deal","status":"publish","type":"post","link":"https:\/\/splash247.com\/emas-offshore-closes-in-on-another-rescue-deal\/","title":{"rendered":"Emas Offshore closes in on another rescue deal"},"content":{"rendered":"<p>Offshore vessel operator Emas Offshore, part of Singapore\u2019s Ezra Holdings, has entered into a non-binding term sheet with Udenna Corporation as part of the financial restructuring of the group.<\/p>\n<p>Dennis Uy-led Udenna, based in the Philippines, is the parent company of Pheonix Petroleum and Chelsea Logistics Holdings. Chelsea controls a number of shipping and logistics companies including Chelsea Shipping and Trans-Asia Shipping.<\/p>\n<p>Now under a five-week exclusivity period to push the deal through, a definitive agreement would see Udenna would inject $73.29m into Emas Offshore.<\/p>\n<p>Emas Offshore was close to securing a restructuring earlier in the year, however in July BT Technologies <a href=\"https:\/\/splash247.com\/bt-investment-pulls-plug-emas-offshore-rescue-plan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><span style=\"color: #000080; text-decoration: underline;\">pulled the plug on a $50m rescue deal<\/span><\/span><\/a>. Shortly after, BT <a href=\"https:\/\/splash247.com\/baker-technology-moves-to-take-over-ch-offshore\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><span style=\"color: #000080; text-decoration: underline;\">moved to acquire CH Offshore<\/span><\/span><\/a> instead.<\/p>\n<p>Meanwhile another Ezra company, Triyards Holdings, is facing <a href=\"https:\/\/splash247.com\/triyard-holdings-hit-with-new-claims-as-winding-up-hearing-delayed\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><span style=\"color: #000080; text-decoration: underline;\">two separate winding up applications<\/span><\/span><\/a> which are scheduled for hearings in the High Court of Singapore next month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Offshore vessel operator Emas Offshore, part of Singapore\u2019s Ezra Holdings, has entered into a non-binding term sheet with Udenna Corporation as part of the financial restructuring of the group. Dennis Uy-led Udenna, based in the Philippines, is the parent company of Pheonix Petroleum and Chelsea Logistics Holdings. Chelsea controls a number of shipping and logistics &hellip;<\/p>\n","protected":false},"author":4,"featured_media":65982,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ml_titleColor":"#000000","_ml_titleFont":"Roboto","_ml_titleFontSize":1.136,"_ml_titleFontWeight":"400","_ml_titleLineHeight":1.3,"_ml_metaColor":"#708090","_ml_metaFont":"Montserrat","_ml_metaFontSize":0.6785,"_ml_metaFontWeight":"400","_ml_metaLineHeight":0.92,"_ml_bodyColor":"#a9a9a9","_ml_bodyFont":"Open Sans","_ml_bodyFontSize":0.85,"_ml_bodyFontWeight":"400","_ml_bodyLineHeight":1.2,"_ml_wooPriceColor":"#666","_ml_wooPriceFont":"Open Sans","_ml_wooPriceFontSize":0.9,"_ml_wooPriceFontWeight":"400","_ml_wooPriceLineHeight":1.27,"_ml_headingColor":"#000","_ml_headingFont":"Merriweather","_ml_headingFontSize":2.02,"_ml_headingFontWeight":"700","_ml_headingLineHeight":1.47,"_mlglobal_userfontcolors":{"headingColorUser":[],"titleColorUser":[],"metaColorUser":[],"bodyColorUser":[],"wooPriceColorUser":[]},"_uag_custom_page_level_css":"","footnotes":""},"categories":[80,60],"tags":[149],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Emas Offshore closes in on another rescue deal - Splash247<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/splash247.com\/emas-offshore-closes-in-on-another-rescue-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emas Offshore closes in on another rescue deal - Splash247\" \/>\n<meta property=\"og:description\" content=\"Offshore vessel operator Emas Offshore, part of Singapore\u2019s Ezra Holdings, has entered into a non-binding term sheet with Udenna Corporation as part of the financial restructuring of the group. 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