Triyards restructuring hit by demand letters from lenders

Triyards restructuring hit by demand letters from lenders

Singapore’s Triyards Holdings, part of the stricken Ezra Holdings group, says it has received demand letters from two of its lenders for overdue amounts totalling around $9.1m.

The offshore fabricator is currently working on a restructuring plan with the help of financial advisors following Ezra Holdings seeking bankruptcy protection in the US earlier this year. Options being explored include potential fund raising via new loans and the issue of new securities.

Triyards says that despite the letters of demand, it is in discussions with all of its lenders to secure breathing space of 180 days to allow it to put up a viable restructuring plan.

Subsidiaries of Triyards are also facing legal claims from suppliers involving litigation, with one of the subsidiaries also having received a statutory demand from two suppliers for outstanding payments. The demand and litigation cases amount to around $2.9m.

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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