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BRIEF-Ezra Holdings updates in relation to EMAS Chiyoda Subsea Ltd
March 2, 2017 / 3:43 PM / 9 months ago

BRIEF-Ezra Holdings updates in relation to EMAS Chiyoda Subsea Ltd

March 2 (Reuters) - Ezra Holdings Limited

* Announcement In Relation To Emas Chiyoda Subsea Limited

* Board of directors of EMAS Chiyoda Subsea decided to commence ECS chapter 11 filing which it believes to be in best interest of all ECS’ stakeholders

* Refer to article titled “creditor may drop winding-up action against EMAS AMC” published in Business Times on 28 feb

* Co “understands from ECS that EMAS Marine Base Llc has defaulted on its payment obligation in relation to its acquisition of a spoolbase in Ingleside”

* Company understands from ECS that claims made by Necotrans Singapore Pte Ltd against EMAS-AMC pte ltd has been settled

* Also refer to article titled “ezra’s trading halts do little to serve investors” published in straits times on 2 march

* “Reiterates that Bibby Offshore’s claims are against ECS, which company does not control”

* “Company has no dispute with Bibby Offshore”

* In event claims are made against company in relation to any guarantees company will face an immediate going concern issue

* Group will continue its on-going initiatives to review all options to restructure its businesses Source text for Eikon: Further company coverage:

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