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
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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.
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