EMAS Chiyoda Subsea (ECS) filed a voluntary petition for reorganization under Chapter 11 of the US Federal Bankruptcy Code yesterday (27 February), Chiyoda Corp. announced today (28 February).
ECS and its subsidiaries will facilitate their financial and operational restructuring in accordance with the said law, and other regulations where applicable.
In connection with the filing, Chiyoda and Subsea 7 have made a commitment on an up to US$90 million loan facility to ECS for its restructuring. Chiyoda said it will continue to support ECS as a shareholder.