Offshore shipbuilder Triyards Holdings, part of Singapore’s Ezra Holdings, has announced the resignation of CEO Chan Eng Yew on the same day it revealed it has been placed under judicial management.
A Singapore court approved an application for Triyards to be put under judicial management, originally initiated by Overseas-Chinese Banking Corporation Limited (OCBC) in November last year.
The company revealed today that judicial management was approved in court last week, with Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services appointed as the judicial managers. The aim of the judicial management is to either achieve the survival of the company, an arrangement with creditors or a solution more advantageous than a winding up.
In addition the company going into judicial management, Triyards also announced the resignation of Chan from his role of CEO. The company said that Chan, who has been CEO since 2014, is leaving to pursue other interests.