AILING offshore services provider Emas Offshore has applied to be placed judicial management, it said in a bourse filing on Monday afternoon. Read more at The Business Times.
AILING offshore services provider Emas Offshore has applied to be placed judicial management, it said in a bourse filing on Monday afternoon.Judicial management is a rescue procedure to restructure a distressed company’s debt.
Emas said it filed an application in the High Court of Singapore on July 19 for, among other things, a court order that it be placed under judicial management pursuant to Section 227B of the Companies Act.With this application, a moratorium will be in place until either the order is granted for judicial management or the application is dismissed. For instance, no resolution can be passed to wind up Emas, and no steps can be taken to enforce any security over its property.
The firm noted that shareholders should consult their financial, tax or other advisers when in doubt as to the action they should take.In February this year, Philippine group Udenna Corporation informed Emas that its, after both parties had inked a non-binding term sheet in October 2018. No reasons were given in the announcement for Udenna’s decision.
The deal would have seen Udenna pumping the money into Emas’ subsidiary as part of the group’s financial restructuring. A portion of the funds was to have gone towards buying Emas vessels that have been secured to bank lenders.pulled out of its plan to invest in EmasTrading in dual-listed Emas was suspended in Singapore in 2017, and the stock has been the target of delisting attempts by the Oslo Stock Exchange.
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