ICBC Leasing seeking winding up order for Emas Offshore's Lewek Champion Shipping

ICBC Financial Leasing's Hai Jiang 1401 has sought a winding up in the Singapore courts against EMAS Offshore Limited subsidiary Lewek Champion Shipping Pte Ltd.

EMAS said that Hai Jiang 1401 had filed a winding-up application with the Singapore High Court on 5 May and was seeking to have Soo Hon Weng appointed as liquidator. A hearing for the winding up application has been fixed for 25 May.

“The company and Lewek Champion are seeking legal advice in respect of the winding up application and the company is assessing the impact of the winding up application against the group,” the company said.

EMAS is a subsidiary of Singapore-listed Ezra Holdings which has filed for bankruptcy protection in the US.

In April EMAS received a received a statutory demand from China’s ICBC Financial Leasing for the payment of around $195.02m relating to the termination of a bareboat charter.

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 EMAS.

Ezra has acted as the guarantor for EMAS over the sale and leaseback arrangement of the pipe-lay vessel Lewek Champion with ICBC, entered into in February 2014.

Posted 10 May 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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