Triyards says it received Sept 5 statutory demand with 21-day deadline

TRIYARDS Holdings has received a statutory demand from OCBC, dated Sept 5, for about US$11.57 million and 1.13 billion Vietnamese dong (S$67,310), the troubled marine operator announced on Friday after market close.

The statutory demand states that if Triyards "fails to pay, secure or compound the sums owed to the reasonable satisfaction of OCBC" within 21 days of the letter, OCBC shall be entitled to present an application for a winding-up order against the company.

The demand was issued in respect of an Oct 15, 2014 deed of guarantee and indemnity in which Triyards guaranteed the banking facilities granted by OCBC to Triyards unit Strategic Marine (V) Company Limited.

"The company is assessing the impact of the statutory demand and is reaching out to OCBC to explore the possibility of an amicable resolution to the matter," said Triyards.

It advised shareholders and potential investors to read this and further announcements carefully, and for shareholders to exercise caution in dealing in its securities, adding that further announcements will be made as and when there are material developments.

Triyards shares have been suspended from trading since September 2017. The company is the yard operating arm of offshore and marine group Ezra Holdings, which filed for bankruptcy protection in the US in 2017.