Baker Tech comes to rescue of EMAS Offshore; eyes attractive assets on the cheap

SINGAPORE (Sept 5): Shares in Baker Technology are trading 1 cent higher at 58 cents after last night’s announcement it is one of two White Knights coming to the rescue of the offshore support services company.

BT Investment, a subsidiary of Baker Tech, and private investor Point Hope will pump in US$25 million each into EMAS Offshore, the majority-owned unit of troubled offshore services firm Ezra Holdings which has filed for Chapter 11 bankruptcy protection.

EMAS Offshore last week submitted a financial-restructuring plan to a Singapore court that involved an investment by then-unnamed White Knights. With BT and Point Hope, EMAS can now embark on the restructuring.

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