Emas Offshore placed under judicial management

The High Court of the Republic of Singapore has granted Emas Offshore’s request to be placed under judicial management.

Illustration; An Emas Offshore vessel – Image by SPMac/Flickr – shared with permission from the photographer

Emas said on Friday that the Court had granted the judicial management application on October 21, 2019.

Also, the Court made several orders. Namely, Emas Offshore will be placed under judicial management, and Goh Thien Phong and Chan Kheng Tek, both of PricewaterhouseCoopers Advisory Services, will be appointed as the joint judicial managers of Emas Offshore.

The Court ordered that the affairs, business, and property of Emas would be managed by the judicial managers to achieve the survival of Emas Offshore or the whole or part of its undertaking as a going concern.

The judicial managers will also compromise or arrange the situation between Emas and its creditors and a more advantageous realization of Emas’ assets would be effected than on 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.

It is worth reminding that Emas Offshore filed an application with the high court of the Republic of Singapore to be placed under judicial management back in July.

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