EMAS-AMC, wholly-owned by EMAS Chiyoda Subsea (ECS), which is an associated company of Ezra Holdings, is seeking advice on and assessing the impact of the winding up application, according to an announcement by Singapore-listed Ezra. Ezra did not reveal the reasons behind the winding up application made by Necotrans Singapore.
Ezra also updated that EMAS-AMC has been served a notice of termination on Monday related to the bareboat charter of offshore vessel Lewek Connector owned by Ocean Yield.
EMAS-AMC had entered into a short term standstill agreement with Ocean Yield over the repayment of the vessel charter for the months of December 2016 and January 2017.
Ocean Yield, however, will continue to participate in the discussions regarding a financial restructuring of ECS and that it is considering a short term contract for Lewek Connector to a related company of Ezra at a reduced rate while a long term solution is being discussed.
The troubles at EMAS-AMC have also led to Ezra facing a statutory demand from solicitors of Forland Subsea claiming for approximately $3.1m owed by Ezra acting as guarantor for another charter contract of the vessel Lewek Inspector.
The financial problems arising at EMAS-AMC have impacted the parent firm ECS, which would cause the joint venture partners – Ezra, Chiyoda Corporation and NYK – to register writedowns totalling approximately $619.5m.
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