Singapore OSV owner Pacific Radiance has filed for court protection as it fights a winding up petition.
The company is seeking six months' immunity from legal proceedings that would "regress" ongoing discussions with various stakeholders, it said.
This will "provide stability for the day to day operations of the group to continue with support of its customers and key trade suppliers and allow the group an opportunity and adequate time to pursue the restructuring and the investment."
It also revealed that Alliance Catering & Consultancy has filed winding up applications with the Singapore high court against subsidiaries Pacific Crest Pte Ltd (PCPL) and CSI Offshore Pte Ltd (CSIO).
Alliance is demanding $1.07m and SGD $76,899 ($57,300) for services rendered.
This application will be heard on 8 June.
"The group is in discussion with its legal advisor in respect to the winding up applications to determine the best course of action and various options available to the group," it said.
Bank deal in place
Last month, the company said it had taken another step towards a financial restructuring after lenders approved its plans.
It said it had won "in-principle support" from major banks and anchor investors on the broad terms of the scheme.
The restructuring involves debt forgiveness and debt-to-equity conversion.
An equity injection from investors will be used to pare down debt and for future working capital, it said.
Pacific Radiance is continuing to "press on with its discussions with the broader stakeholder groups on the restructuring."
In February it suffered a blow as bondholders rejected the debt-swap plan for a bond due to mature later this year.
Holders of the SGD 100m ($75.7m) issue blocked a deal that would have seen them receive 19 shares for every SGD 5 of debt held.
A second resolution was also rejected. This called for the waiver of any potential events of default and covenants that may be breached so that monies in an escrow account could be used to make a coupon payment due in March 2018.
