Emas applies for judicial management after failed rescue deals

Singapore

AILING offshore services provider Emas Offshore has applied to be placed under judicial management, five months after a rescue plan for the company was called off.

Judicial management is a rescue procedure to restructure a distressed company's debt. An independent judicial manager will be appointed to take control of the firm's affairs, business and property, in an attempt to help it survive, get a scheme of arrangement approved or a more advantageous realisation of the company's assets versus that in a liquidation.