Offshore shipbuilder Triyards Holdings, part of Singapore’s Ezra Holdings, has applied to the High Court of Singapore for protection while it tries to finalise a restructuring.
Triyards says that previously announced exclusive agreements with Ferrell Vanguard Fund SPC for and on behalf of Bondi SP will form an integral part of the restructuring.
The court application sought by the company will protect it from winding up orders, the appointment of receivers and other legal actions against it for a period of six months. A 30-day moratorium immediately comes into effect in advance of the court deciding on the application.
Triyards has two winding up actions filed against it, by Tractors Singapore and Hong Leong Finance, both of which were scheduled to be heard in court this week. It also faces multiple claims against it, while in September DBS Bank appointed receivers to Strategic Marine (S) Pte Ltd.
Triyards says the moratorium will provide stability for the day-to-day operations of the group and allow it opportunity and adequate time to pursue the restructuring.
