The statutory demand was issued by the solicitors of Hai Jiang 1401, a special purpose vehicle fully controlled by ICBC, against the charterer Lewek Champion Shipping, wholly-owned by EOL, which in turn is a subsidiary of bankrupt Ezra.
Ezra has acted as the guarantor for EOL over the sale and leaseback arrangement of the pipe-lay vessel Lewek Champion with ICBC, entered into in February 2014.
Last month, ICBC has already made a claim of the same amount against the charterer, after the Chinese financial institution terminated the vessel charter on 9 March.
“The owner [Hai Jiang 1401] stated in its statutory demand that if payment for the sum demanded is not paid within 21 days after the date of the statutory demand [12 April], the owner may apply for the charterer to be wound up on the ground that the charterer is unable to pay its debts (…),” EOL stated.
Singapore-listed Ezra has filed for Chapter 11 bankruptcy on 18 March in the hope of facilitating a financial restructuring, leaving its subsidiary EOL, also listed in Singapore, suspended from trading.
Ezra is also facing statutory demands and claims from Serimax North America, VT Halter Marine (VTH) and Forland Subsea, all of which are due to the group’s status as a guarantor for a 40%-owned joint venture EMAS Chiyoda Subsea (ECS), which has also filed for bankruptcy protection.
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