Emas Offshore Limited

PERISAI Petroleum Teknologi, a Malaysian associate company of Emas Offshore Limited, is receiving help from a government platform in its negotiations with lenders. The Corporate Debt Restructuring Committee (CDRC) on Nov 9 accepted Perisai's application for help and has told its lenders in Singapore and Malaysia to observe an informal standstill to proceedings against the group with immediate effect.

Perisai, which has declared itself insolvent after defaulting on its bonds, will have 60 days to submit a proposal for a debt restructuring scheme, after which CDRC will call for a meeting with the lenders.