Image for representation purposes only. Reuters

Singapore-listed EMAS Offshore, a unit of Ezra Holdings, entered into a revised term sheet with BT Investment (BTI) after terminating the prior term sheet last week.

The revised term sheet relates to a potential cash investment by BTI, a unit of Baker Technology and co-investors, if any, into EMAS Offshore as part of its financial restructuring, the company said in a regulatory filing.

EMAS highlighted that the new term sheet will allow the group to continue with its restructuring exercise to "substantially deleverage" its balance sheet via schemes of arrangement and to strengthen its working capital position through the subscription of new shares by BTI and co-investors.

The aggregate investment amount is US$50 million for the whole and complete restructuring, which includes a minimum investment by BTI of US$25 million.

If there is no other co-investor and/or subscriber, BTI will invest the full US$50 million, the company said.

As a result, BTI and any other co-investor will receive at least a majority of the enlarged issued share capital of the reorganised company.

Shares in EMAS were halted from trading on the Singapore Exchange.