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Emas Offshore subsidiary faces being wound up after ICBC serves demand

Emas Offshore subsidiary faces being wound up after ICBC serves demand

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Offshore vessel operator Emas Offshore, one of the only companies in the Ezra Holdings group that hasn’t filed for chapter 11, has had its fully-owned subsidiary Lewek Champion Pte Ltd served with a statutory demand from Hai Jiang 1401 Pte. Ltd., a special purpose vehicle controlled by China’s ICBC Financial Leasing.

The demand comes after ICBC terminated the bareboat contract for a pipelay vessel Lewek Champion in March after Emas Offshore defaulted on a payment of $1.58m.

ICBC is demanding that the Emas Offshore pays a sum of over $195m within 21 days or it will apply to have the struggling company wound up.

Ezra Holdings, the parent company of Emas Offshore and guarantor for the charter, filed for chapter 11 protection in the United States in March.

Emas Offshore said it is seeking legal advice on the matter and is assessing the impact of the demand against the group.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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