Brief: Ezra Holdings updates in relation to EMAS Chiyoda Subsea Ltd

Ezra Holdings

02/03/2017 15:32

March 2 (Reuters) - Ezra Holdings Limited  EZRA.SI  
    * 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:  ID:nNDL1NhvfX  
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