Lenders agree to refinance Emas Offshore’s debt

Offshore contractor Emas Offshore, part of Singapore’s Ezra, has reached a deal with all of its lenders on refinancing its debts over a period of five years. 

At the end of October this year, Emas reached an agreement in-principle with the substantial majority of its principal bankers on the refinancing of its financial obligations and the
provision of additional working capital facilities.

The company on Monday reported the agreement was reached with all its financial lenders to refinance its financial obligations over a period of 5 years from December 12, 2016.

Emas also said that the refinancing will be subject to documentation and conditions that would be set out in definitive agreements to be entered into between the parties within sixty days from December 12.

Further, Emas urged the shareholders of the company to exercise caution when trading in the company’s shares as there is no certainty or assurance that the definitive agreements will be entered into or the ongoing initiatives will be undertaken or completed at all.

 

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