EMAS Offshore said Friday its application in the High Court of Singapore to be placed under judicial management has been granted.
Goh Thien Phong and Chan Kheng Tek, who are both from Goh Thien Phong and Chan Kheng Tek, will be appointed as joint judicial managers of the company, EMAS Offshore, or EOL, said in a filing to SGX.
The judicial managers will handle EOL’s business to achieve one or more of the following:
- The company’s survival, either in its entirety or partially as a going concern,
- The approval of a compromise or arrangement with EOL’s creditors and/or
- A more advantageous realization of the EOL’s assets than it would get if the company were wound up.
EOL added it would provide updates on the judicial management in compliance with Oslo Bors listing requirements or when it had material developments.