Emas Offshore said it has its lenders to grant it another two months for negotiating a restructuring of some $567m in term loans.
Back in December, the offshore company said it planned to secure a refinancing deal within 60 days involving all of its lenders. The initial terms called for a refinancing of its financial obligations over five years.
Emas, which is controlled by the Lionel Lee-led Ezra Holdings, said it is still in the process of negotiating and finalising the definitive agreements. As such, it has requested its lenders extend talks for another 60 days from 10 Feb.
Emas lists its principal bankers as DBS Bank, DNB Bank, Natixis, Chinatrust Commercial Bank, Overseas-Chinese Banking, RHB Bank and United Overseas Bank. DBS is reported to have the largest exposure to Emas.
On its last reported annual statement, Emas listed some $466m in term loans from banks and another $101m in bills payable to banks.
