EMAS Offshore, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, said that its July application to be placed under judicial management approved by High Court of Singapore.
According to a press note, the Court had granted the judicial management application on October 21, 2019.
Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PWC) have been appointed judicial managers and will seek to achieve the survival of the company, either wholly or partially as a going concern.
Judicial managers will find a compromise or arrangement between Emas Offshore and its creditors, or seek a more advantageous realisation of Emas Offshore’s assets than a winding up.
The company added that shareholders should consult their financial, tax or other advisers when in doubt as to the action they should take.