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.