Ezra's OSV arm faces winding-up threat

WHEN it rains, it pours. This could be a fitting description of where Ezra group stands now as a trade creditor threatened to wind up a subsidiary of the group's majority-owned offshore support vessel business unit, Emas Offshore Ltd (EOL).

EOL said before Tuesday's trading close that its wholly-owned subsidiary, Lewek Champion Shipping Pte Ltd, has received a statutory demand dated April 12, 2017 from the solicitors of the vessel-owning unit of ICBC Financial Leasing Co, Hai Jiang 1401 Pte Ltd.

The vessel owner stated that if payment for a claim in excess of US$195 million is not paid up within 21 days after the date of service of the statutory demand, a winding up application will be filed against the EOL subsidiary.