Singapore’s EMS Energy Announced Corporate Debt Restructuring
Singapore’s embattled EMS Energy Ltd is planning to convene a Case Management Conference pursuant to the Court directions and the dates were fixed by Court in order for the Court to obtain updates on EMS Energy scheme proposal and that the Company was informed by the Registry that the date were fixed on May 9th 2017 on that day, the High Court directed that a meeting with of the Group’s creditors to consider the proposed scheme of arrangements should be held by or on July 28th 2017.
EMS Energy had not been spared by the drop in its Oil & Gas business lately due to the plunging oil price. On March 28th 2017, had entered into a non-binding MOU with Titan Group to raise funds of SGD10 Million to complete the construction of its shipyard at 12 Tuas Street 15. One month earlier, the Group announced that it had completed the divestment of one of its subsidiary (EES) to SPCO for a sum of SGD5.6 Million and had divested 20% of its interest in OSSG (through its subsidiary EMS Offshore Pte Ltd) for a sum of SGD 2.8 Million.
A month earlier, its subsidiary EMS Energy Solutions (EES) had received a termination letter from Jurong Shipyard on a Purchase contract for the supply, installation, testing, commissioning and supervision of Anchor Winch package and had made a claim to the Bank Guarantee furnished by EES to Jurong Shipyard. Back in November 2016, the Group had received a legal notice from Shanghai Shipyard terminating the DES contracts and claiming sums of USD 41 Million advanced under the DES Contract.https://straitsjournal.com/singapores-ems-energy-announced-corporate-debt-restructuring/EnergyMarine & Offshoredebt,EMS,Jurong Shipyard,restructuring,Shanghai ShipyardSingapore's embattled EMS Energy Ltd is planning to convene a Case Management Conference pursuant to the Court directions and the dates were fixed by Court in order for the Court to obtain updates on EMS Energy scheme proposal and that the Company was informed by the Registry that the...escveritas [email protected]AdministratorThe Straits Journal