EMAS Chiyoda Subsea has filed for Chapter 11 protection in the US in a move that has confirmed Kristian Siem's interest in the firm.
The company, in which Ezra and NYK are key shareholders, filed papers in the Southern District of Texas in what it termed a difficult but important step.
Siem's Subsea 7, which had been rumoured as a suitor, and an existing shareholder Chiyoda Corporation have pledged to inject $90m in fresh finance.
The
