Potential White Knight investors to pump US$50 mil into EMAS Offshore to keep it afloat

SINGAPORE (Sept 4): EMAS Offshore says it has entered into a binding term sheet with potential investors BT Investment, a subsidiary of Baker Technology, and Point Hope who will each invest US$25 million ($33.9 million) in the group as part of its financial restructuring.

EMAS Offshore is undertaking a proposed restructuring of its existing secured and unsecured liabilities as well as any outstanding obligations to substantially deleverage the company's balance sheet and strengthen its working capital position to enable the group to continue as a going concern.

EMAS Offshore is a majority-owned unit of troubled offshore services firm Ezra Holdings, which has filed for Chapter 11 bankruptcy protection.

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