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High Court orders wind-up of Emas Offshore's subsidiary
OFFSHORE support services provider Emas Offshore on Wednesday said the High Court has ordered that a winding up order be made against its wholly-owned unit, Lewek Champion.
At the hearing for the winding-up application on July 14, the High Court also ordered that Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP be appointed as joint and several liquidators of Lewek Champion.
Based on the unaudited consolidated financial statements of the group for the financial period ended Nov 30, 2016, Emas Offshore owed US$68.8 million to Lewek Champion.
"Accordingly, the winding up order made against Lewek Champion may result in a material impact on the financial position of the group," Emas Offshore said.
Emas Offshore is a majority-owned unit of troubled offshore services firm Ezra Holdings, which has filed for Chapter 11 bankruptcy protection.
Both the counters of Emas Offshore and Ezra Holdings have been suspended from trading.