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Triyards gets more cash injections, faces DBS claims

FINANCIALLY distressed yard operator Triyards has received fresh cash injections in excess of US$4 million as it faced new claims from DBS Bank and other lenders.

DBS has issued letters of demand for claims of about US$43.9 million of which the bank indicated as having been triggered by events of default, Triyards disclosed after Friday’s trading close. 

On Aug 6, Triyards’ trade creditor, Ocean Energy Ventures, filed a winding up application against the yard group.  This was subsequently withdrawn but it was deemed as amounting to an event of default under the banking facilities extended by DBS, Triyards added.

Triyards has received in all letters of demand from its lenders for claims amounting to about US$48.4 million since Aug 8. It added that one supplier has issued a statutory demand against its subsidiary for claims of about US$1.9 million. 

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These claims landed as Ferrell Vanguard Fund injected more cash into the yard group.

On Aug 27, Ferrell signed two separate sales agreements with Saigon Shipyard and Saigon Offshore and Fabrication Engineering (SOFEL).  

Saigon Shipyard has received US$1.895 million of the US$1.9 million pledged under its sales agreement with Ferrell.

SOFEL has separately received US$2.295 million out of its US$2.3 million deal with Ferrell.   

Ferrell had previously extended a US$5 million loan to Triyards and injected US$995,000 each into Saigon Shipyard and SOFEL.  

Triyards is the yard operating arm of the insolvent offshore and marine group, Ezra Holdings