The restructuring application was made by EOL and its wholly-owned Emas Offshore Pte Ltd and Emas Offshore Services Pte Ltd.
With the restructuring underway, EOL said it has received various term sheets and expression of interests from potential investors.
“Out of the proposals received from the various potential investors, the company has entered into the term sheet with certain potential investors (White Knight), which are unrelated third-party investors, on 29 August 2017 in connection with a potential cash investment by the White Knight,” EOL stated.
“The company intends to undertake the restructuring to substantially deleverage the group’s balance sheet and strengthen its working capital position to enable its business to continue as a going concern,” it said.
The filing of the restructuring applications in Singapore meant that a moratorium has taken effect automatically for EOL and the two subsidiaries and no order may be made for the winding up of them.
EOL had already seen the winding up of another of its wholly-owned subsidiary Lewek Champion Pte Ltd on a request made by Hai Jiang 1401, a special purpose vehicle fully owned by China’s ICBC Financial Leasing.
Ezra Holdings, parent firm of EOL, has also filed for Chapter 11 bankruptcy in March this year.