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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand