Suppliers Take Legal Action against Triyards

Image Courtesy: Triyards

Problems keep on emerging for the financially-troubled shipbuilder Triyards Holdings Limited as suppliers take their claims over unpaid bills to court.

According to the latest update from the Singapore-based company, some of its subsidiaries have received various claims from suppliers and are currently involved in on-going litigation.

In addition, one of the subsidiaries of the company has also received a statutory demand from two of its suppliers in respect of outstanding payments. The subsidiary is said to be in discussions with the relevant suppliers with the aim of reaching a settlement.

Claims stemming from the said litigation cases could reach up to USD 2.9 million, Triyards said.

Furthermore, the cash-strapped shipbuilder has received demand letters from two of its lenders, for an aggregate overdue amount of approximately USD 9.1 million.

“The group is currently in discussions with all its lenders with the aim of securing the necessary support for a period of 180 days to allow the group put up a viable restructuring plan,” Triyards commented.

The legal action from suppliers and lender demands come on the back of Triyards’ efforts on setting up a restructuring plan so as to keep its business operations.

Triyards has been in talks with various parties to recapitalize its balance sheet and improve the liquidity of the group, which may include fundraising via new loans and issue of new securities.

The shipbuilder is discussing financial arrangements with lenders aimed at increasing existing project funding, however, there has been no definitive agreement reached yet.

As informed in September, the shipyard was reassessing its ability to continue or to complete current projects with the existing financial resources available as it is experiencing liquidity shortage.

In addition, the group has experienced delays in delivery and collections from its clients for certain completed projects due to the fact that shipowners are severely affected by the downturn in the oil & gas industry, putting further pressure on the company’s ability to meet its loan repayments.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >