Singapore's EMAS Offshore has revealed that a vital new investment in the company is in jeopardy.
It signed a term sheet in December with white knight BTI, a subsidiary of BakerTechnology, which was looking to invest up to $50m in the heavily-indebted company in return for a majority stake.
BTI has now told EMAS that given the restructuring OSV owner's present situation, it is "no longer willing to pursue the current formulation of the BTI restructuring proposal that was presented before the court."
