The U.S. Bankruptcy Court confirmed EMAS CHIYODA Subsea’s Modified Third Amended Plan of Reorganization, filed June 28, 2017; and the Plan subsequently became effective.
Under the Plan, certain emerging Debtors will restructure, while Lewek Constellation Pte, EMAS CHIYODA Subsea Marine Base and Lewek Falcon Shipping Pte will liquidate. Subordinated claim and interest holders receive no distribution under the Plan.
This privately-held offshore contractor filed for Chapter 11 protection on February 27, 2017, listing more than $100 million in pre-petition assets.
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