EOL seeks time to iron out new debt revamp terms with Baker Tech unit

OFFSHORE support vessel (OSV)-focused Emas Offshore Limited (EOL) said that it has sought a four-month extension for court moratoria granted to support the restructuring of its group of companies.

The Singapore High Court had already granted an extension on the moratoria until June 30 to the group of EOL companies including wholly owned subsidiaries Emas Offshore Pte Ltd and Emas Offshore Services Pte ltd.

EOL said in a disclosure on Thursday that it would need extra time beyond June 30 to iron out the terms of a restructuring proposal with BT Investment (BTI), a subsidiary of Baker Technology and other unidentified potential investors.

BTI has indicated that "it is no longer willing to pursue the current formulation of the restructuring proposal that was presented before the court". Instead, the subsidiary of Singapore-listed Baker Technology said "it was prepared to propose fresh terms ... for EOL's consideration".

EOL added that "other potential investors have expressed an interest" in its business operations and platform as well as "certain vessels managed and owned" by its subsidiaries.

BTI and EOL had previously entered into a revised term sheet last December towards new equity investments of US$50 million in all for the latter. The then incoming investors were to receive at least a majority of the enlarged issued share capital of the restructured EOL.

EOL is the OSV-focused subsidiary of erstwhile stockmarket darling, Ezra Holdings. Ezra Holdings is pursuing debt restructuring and has filed a Chapter 11 plan with the US Bankruptcy Court.