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Triyards receives two demand letters for US$9.1 million

TRIYARDS Holdings, which flagged concerns over its going-concern status in September, said that it has received demand letters from two of its lenders for a total amount of US$9.1 million.

The yard-operating unit of offshore marine firm Ezra Holdings said that it is currently in discussions with all its lenders to secure support for 180 days to allow the group to put up a viable restructuring plan. The group had engaged a financial adviser in September.

Triyards also updated on Friday afternoon that some of its subsidiaries had received various claims from suppliers, and are currently involved in ongoing litigation.

One of them has also received statutory demand from two of its suppliers regarding outstanding payments. It is now in discussions with them to reach a settlement.

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The total figure in the statutory demand and litigation cases amount to US$2.9 million.

Triyards has suspended trading of its shares since September. Its parent Ezra Holdings filed for bankruptcy protection in March.