Singapore is seeking to become a debt restructuring centre alongside New York and London with changes to its Scheme of Arrangement system to make it closer to US Chapter 11 filings.

Engineering and fabrication shipyard Triyards Holdings has voluntarily suspended its shares trading on the Singapore Exchange (SGX) as the company revealed deeper financial troubles and is seeking to restructure its debts.

Baker Technology’s subsidiary and Point Hope have emerged as the ‘white knight’ investors for beleaguered EMAS Offshore Limited (EOL), which will receive a $50m investment from the investors.

Embattled EMAS Offshore Limited (EOL) and two of its wholly-owned subsidiaries have voluntarily filed a restructuring application to the High Court of Singapore, and entered into a binding term sheet with certain potential ‘White Knight’ investors as part of the financial restructuring.

The High Court of Singapore has ordered the winding up of Lewek Champion Pte Ltd, wholly-owned by EMAS Offshore Limited (EOL), following a request made by Hai Jiang 1401, a special purpose vehicle fully owned by China’s ICBC Financial Leasing.

ICBC Financial Leasing's Hai Jiang 1401 has sought a winding up in the Singapore courts against EMAS Offshore Limited subsidiary Lewek Champion Shipping Pte Ltd.

Embattled Ezra Holdings operating unit EMAS Offshore has been suspended from trading on both the Singapore Exchange and Oslo Bors.