Emas Chiyoda Subsea seeks protection under Chapter 11News // February 28, 2017
Emas Chiyoda Subsea has filed a voluntary petition for reorganisation under chapter 11 of the US Bankruptcy Code.
The company said it hoped doing so would facilitate the company’s financial and operational restructuring. The petitions were filed in the Southern District of Texas Bankruptcy Court.
In connection with the filing, ECS has received a commitment on an up to US$90 million financing facility from Chiyoda Corporation and Subsea 7.
Subject to bankruptcy court approval, the financing will be made available to support the company’s continuing business operations, minimise disruption to its worldwide projects and make necessary operational changes.
In a statement Emas Chiyoda Subsea said: "The restructuring will provide an opportunity to focus on strengthening financial and operational systems, enhancing the company’s efforts to weather the current challenges."
Additional information, including court filings and other documents, regarding the restructuring, can be found by visiting http://dm.epiq11.com/ECS.