Triyards served with wind up summons

Triyards served with wind up summons

Offshore shipbuilder Triyards Holdings, part of Singapore’s Ezra Holdings, has been served with an originating summons by MDL’s Ocean Energy Ventures seeking to wind up the company over a $2.1m claim.

Triyards says it is in ongoing discussions with Ocean Energy Ventures to achieve a positive resolution, however is also facing significant legal action against its subsidiary Saigon Offshore Fabrication and Engineering. The Vietnamese subsidiary is facing legal action from lenders looking to recover around $37.1m in loans and has received demand letters amounting to over $80m.

Other subsidiaries have also received various statutory demands and litigation claims from suppliers of around $7.5m, with one supplier initiating bankruptcy proceedings against a Triyards subsidiary over a $1.2m claim.

Triyards is working with Ferrell Vanguard Fund SPC to reach a restructuring agreement which could see a further $50m injected into the company. In the meantime, Ferrell has released the $3.8m balance of a promised $5m loan, and also acquired certain tools and equipment from two Vietnamese subsidiaries of Triyards to raise funds.

Lastly, Triyards has been dealt a blow with the termination of a $15.2m contract at its Vietnam yard to build a floating dock. The buyer has claimed on the refund guarantee provided by the bank amounting to $3.9m.

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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