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Offshore Support Journal

Offshore Support Journal

Emas Offshore’s white knights revealed

Tue 05 Sep 2017 by David Foxwell

Emas Offshore’s white knights revealed
Emas Offshore says it hopes to complete a restructuring with investment from its newly-announced white knights

The ‘white knights’ who have signed term sheets with struggling Emas Offshore have been revealed in a recent notice issued by the Singapore-based offshore vessel owner.

On 31 August 2017, the company said it had entered into a binding term sheet with undisclosed potential investors who would make a cash investment in the company.

In a subsequent announcement, Emas Offshore said the companies involved are BT Investment Pte Ltd (BTI), a wholly owned subsidiary of Baker Technology Limited, and Point Hope Pte Ltd.

Emas Offshore cautioned that the term sheet “does not set forth all the material business terms and conditions for the proposed investment or the restructuring exercise, and is subject to customary due diligence, final agreement and documentation.”

The company intends to undertake a restructuring of its secured and unsecured liabilities (excluding, if deemed necessary by the company, trade creditors incurred or to be incurred in the ordinary course of business) as well as any outstanding obligations including without limitation debentures and any contingent liabilities to substantially deleverage its balance sheet and strengthen its working capital position.

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