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Moratoria over EMAS Offshore, subsidiaries expire
THE moratoria over EMAS Offshore (Emas) and two of its wholly owned subsidiaries has expired, after discussions with potential investors and key lenders failed to deliver a suitable restructuring proposal.
Emas said: "The company wishes to announce that despite efforts to facilitate discussions with potential investors and its key lenders on a restructuring proposal, these discussions did not materialise into any restructuring proposal that is acceptable to the potential investors and the key lenders."
Emas and its subsidiaries Emas Offshore Pte Ltd and Emas Offshore Services Pte Ltd sought to withdraw an earlier extention application, which was granted by the High Court of Singapore. As such, the moratoria over the group expired on Aug 6.
Last month, oil and gas equipment supplier Baker Technology said that its wholly owned subsidiary, BT Investment, terminated a term sheet with Emas on July 2 and will no longer proceed with a planned investment in Emas. BT Investment had entered into the term sheet in December 2017 with a number of co-investors to make a potential US$50 million of equity injection.
Trading of Emas shares on the Singapore Exchange has been suspended since March last year.