Time is running short for Triyards
The shipyard firm will be hoping it will have more success than sister company EOL in restructuring its debts
Add BT as a preferred source
EMAS Offshore (EOL) and Triyards are both subsidiaries of erstwhile stock market darling Ezra Holdings. Although of the same pedigree, one will be hoping not to share the same fate as the other.
Last week, the court moratoria shielding EOL and its subsidiaries from creditors' claims expired after Baker Technology backed out of a plan to raise US$50 million in rescue financing for EOL.
This effectively leaves EOL at the mercy of its creditors, said US law firm Gibson Dunn's partner Robson Lee, who noted that there is now nothing to stop creditors from pursuing legal action against EOL, including - in the worst case scenario - winding up the company.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Manulife pulls loan product for rich Hong Kong clients after scrutiny
