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Triyards yet to receive balance of US$5m short-term loan

TRIYARDS Holdings said after Wednesday trading hours, it has yet to receive the balance US$3.8 million of a short-term loan from a Cayman Island-based and registered fund vehicle managed by Singapore-based Ferrell Asset Management Pte Ltd.

The cash-strapped yard operating unit of Ezra Holdings explained that the balance of the US$5 million short-term loan was held back by technicalities and documentation.

Cayman Island-based and registered Ferrell Vanguard Fund SPC has an exclusivity period of 180 days commencing from the day Triyards receives the entire US$5 million short-term loan to conduct satisfactory due diligence, propose and conclude a comprehensive corporate restructuring for the yard group.

The first tranche of US$1.2 million of the short-term loan has been disbursed to Triyards for the settlement of outstanding salary payments of its wholly-owned subsidiaries based in Vietnam. The balance was originally expected to be disbursed by Feb 20.

The loan has a tenor of 180 days and carries an interest of 4 per cent per annum.

Triyards is due to announce its first quarter financial results on Wednesday but had said it would apply to the Singapore Exchange for more time to do so.