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EMAS Chiyoda Subsea Chapter 11 Bankruptcy

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Privately-held EMAS Chiyoda Subsea (f/d/b/a Aker Marine Contractors US and EMAS-AMC) and 14 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 17-31146 (EMAS CHIYODA Subsea Limited). The Company, which provides integrated offshore solutions to the oil and gas industry, is represented by John F. Higgins, IV of Porter Hedges.

According to documents filed with the Court, “The Company’s revenue and cash flows have come under significant strain due to, among other things, failing demand for the Company’s services as a result of the depressed market conditions in the offshore and subsea construction market it serves; significant vessel operating costs; and a tightening of credit conditions, which ultimately led to the Company’s banks freezing various credit lines.”

EMAS Chiyoda Subsea’s Chapter 11 petition indicates total assets of $100-500 million.

Read more energy bankruptcy news.

The post EMAS Chiyoda Subsea Chapter 11 Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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