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.
