EMAS AMC faces winding up application – Ezra asks for another extension

The board of directors of Ezra Holdings Limited says a winding up application has been filed against EMAS-AMC Pte Ltd, a wholly-owned subsidiary of Emas Chiyoda Subsea Limited. The parent company has also asked the SGX to give it more time to file its accounts.

Ezra Holdings said it was made aware of the application on 13 February 2017 following an advertisement published in the Straits Times that Necotrans Singapore Pte Ltd, a company incorporated in Singapore, has filed a winding up application with the High Court of the Singapore, to wind up EMAS-AMC Pte Ltd. The winding up application against EMAS-AMC has been fixed for hearing on 3 March 2017.

Ezra Holdings said EMAS-AMC is currently seeking advice on the application. The company is also assessing the impact of the winding up application against EMAS-AMC on the company and its subsidiaries.

Referring to an announcement of a short-term standstill agreement for the repayment of the bareboat charter of Lewek Connector between EMAS-AMC AS, a subsidiary of Emas Chiyoda Subsea, with Ocean Yield, Ezra Holdings’ board noted that a stock exchange release was issued by Ocean Yield on 13 February 2017 which stated that Ocean Yield has served a notice of termination related to the bareboat charter of the vessel. It was further stated in the release that Ocean Yield will continue to participate in discussions regarding a financial restructuring of Emas Chiyoda Subsea and Ocean Yield is considering a short-term contract for the vessel to a related company at a reduced rate while a long-term solution is being discussed. “The company wishes to clarify that the group is open to enter into discussions with Ocean Yield in relation to the vessel, where the group’s participation is required,” said Ezra Holdings.

Ezra Holdings also announced that it has made another application to the Singapore Exchange Securities Trading Limited (SGX-ST) seeking a further 60-day extension to the date at which it will announce its results for its financial quarter ended 30 November 2016.