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DBS, UOB not agreeable to EOL restructuring terms

DBS Bank and UOB Bank have said in joint affidavits that they are not prepared to agree to the terms of the restructuring proposals for Emas Offshore Limited (EOL) and its wholly-owned subsidiary, EOL said after trading closed on Friday.

The affidavits were filed with Singapore's High Court in response to EOL and its subsidiary's scheme applications.

EOL added however that the two banks are prepared to continue discussions with the company and its subsidiary on a revised proposal or any other proposal from investors.

The hearing date for the scheme applications filed by EOL and its subsidiary, Emas Offshore Pte Ltd, is currently scheduled for March 19, 2018.

The company said that it is presently engaged in discussions with the two banks and with investors to come to a consensus on a revised proposal.

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