emas
Image for representation purposes only. Reuters

Singapore-listed EMAS Offshore, a unit of Ezra Holdings, said it has found potential investors who have agreed to pump-in US$50 million in the beleaguered firm.

BT Investment Pte., a unit of construction firm Baker Technology, and private equity firm Point Hope Pte. have agreed to enter into a term sheet with EMAS Offshore for the investment as part of the proposed restructuring that will substantially deleverage the company's balance sheet and strengthen its working capital position.

BTI and Point Hope will individually invest an amount of US$25 million with regards to the proposed investment, it said in a statement on Monday.

The investment will result in BTI and Point Hope receiving at least a majority of the share capital of EMAS Offshore on a fully diluted basis, the company said.

The potential investors would also retain the key management of the EMAS Offshore to ensure that the operations of the company are not impacted during and after the restructuring, it said.

In connection with the restructuring, EMAS Offshore, along with its units, Emas Offshore Pte Ltd and Emas Offshore Services Pte Ltd, voluntarily made an application to the High Court of Singapore.

The court application will block legal proceedings and ensure protection against the winding up of company and subsidiaries, giving Emas Offshore six months to complete the restructuring.

The company has been struggling since its parent Ezra Holdings filed for bankruptcy protection in earlier this year.

Shares in Emas were halted from trading on the Singapore Exchange.