EMAS Chiyoda Subsea creditors are scheduled to vote for a bankruptcy plan that will see rival Subsea 7 take control of major chunks of the Ezra Holdings subsea construction vessel joint venture.
The deal will see Oslo-listed Subsea 7 pickup EMAS Chiyoda's Singapore, US and Saudi Arabia entities.
The plan it leaves the door open for an alternative investor to come in with a better path to an exit from bankruptcy if it pays off EMAS Chiyoda's debtor-in-possession financing.
