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Triyards' units face new statutory demands, litigation claims involving US$15.9m

TRIYARDS Holdings has been hit by fresh statutory demands and litigation claims involving its subsidiaries and some US$15.9 million, the board disclosed on Thursday.

Meanwhile, the hearing for a winding-up application brought by regional Caterpillar distributor Tractors Singapore against Triyards Marine Services has been moved from Oct 26 to Nov 9, the board added.

The board said that Triyards "is taking advice and considering its options" over the statutory demands, the litigation and the winding-up application.

Further announcements will be made on the Singapore Exchange website as and when there are any material developments, it added.

Triyards Marine Services has received statutory demands for US$14.6 million from Taiwanese lender CTBC Bank and for around US$800,000 from a supplier, while an unnamed subsidiary faces litigation claims of roughly US$500,000, according to the latest announcement.

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Triyards is also facing a winding-up bid by Hong Leong Finance, while parent firm Ezra Holdings earlier announced plans to apply to the Singapore High Court to be placed under judicial management.

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