SINGAPORE (Sept 4): EMAS Offshore says it has entered into a binding term sheet with potential investors BT Investment, a subsidiary of Baker Technology, and Point Hope who will each invest US$25 million ($33.9 million) in the group as part of its financial restructuring.

EMAS Offshore is undertaking a proposed restructuring of its existing secured and unsecured liabilities as well as any outstanding obligations to substantially deleverage the company's balance sheet and strengthen its working capital position to enable the group to continue as a going concern.

EMAS Offshore is a majority-owned unit of troubled offshore services firm Ezra Holdings, which has filed for Chapter 11 bankruptcy protection.

EMAS Offshore says BT Investment and Point Hope intends to retain the key management of the group to ensure that the operations of the group will not be impacted during and after the restructuring exercise.

In addition, the total investment amount of $50 million will result in BT Investment and Point Hope receiving in aggregate at least a majority of the share capital of EMAS Offshore on a fully diluted basis.

Among other conditions precedent, the completion of the transactions proposed will require necessary approvals from the shareholders of BT Investment, Point Hope and EMAS Offshore.