VT Halter to Ezra: Pay $3.2 million or face winding up

MARCH 10, 2017 — Singapore based Ezra Holdings Limited reports that it has received a statutory demand from shipbuilder VT Halter Marine for payment of a sum of US$3,207,663.36 together with accruing interest that is due and owing by the company as the parent corporate guarantor for a loan agreement entered into between VT Halter Marine and EMAS Chiyoda Subsea, Inc., formerly known as EMAS-AMC, Inc. (ECS US), on February 26, 2015. ECS US is a wholly-owned subsidiary of EMAS Chiyoda Subsea Limited, a 40.0%-owned associated company of Ezra Holdings.

VT Halter Marine filed a civil lawsuit against EMAS Chiyoda Subsea, Inc. on February 27 in the United States District Court for the Southern District of Mississippi.

Ezra Holdings says that the statutory demand stated that if payment for the sum demanded is not paid directly to VT Halter within twenty-one days, VT Halter may apply for the company to be wound up on the grounds that it is unable to pay its debts.

Ezra says it is seeking legal advice in respect of the statutory demand and assessing the impact of the statutory demand against the group.

Ezra Holdings Limited has three main business divisions, namely Subsea Services (EMAS AMC), Offshore Support and Production Services (under EMAS Offshore Limited or "EMAS Offshore"), and Marine Services (under Triyards Holdings Limited)

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