EMAS-AMC faces winding up application

Legal action continues to mount against EMAS Chiyoda Subsea (ECS) and its subsidiaries.

EMAS Chiyoda Subsea (ECS) subsidiary EMAS-AMC is facing a winding up order by an Africa-focused logistics firm.

Necotrans Singapore Pte filed the application with the High Court of the Singapore on 6 February 2017, according to a regulatory disclosure.

The winding up application against EMAS-AMC has been fixed for hearing on 3 March 2017, the Singapore Stock Exchange filing showed.

ECS is a subsea joint venture between Ezra Holdings with a 40% stake and Chiyoda Corp and NYK with stakes of 35% and 25% respectively.

Last week Ezra Holdings said it faced a potential winding-up order in the Singapore High Court if it did not meet an overdue charter-hire payment.

It received a statutory demand from Forland Subsea in relation to a claim for NOK 25.5m ($3m) for the charter of the 11,000-dwt Lewek Inspector (built 2011)

Last year Emas Offshore, which is also a subsidiary of ECS, defaulted on charter payments for the subsea inspection, maintenance and repair (IMR) vessel.

The statutory demand stated that if payment for the unpaid sum is not secured by Forland within three weeks it will apply for Ezra to be wound up.

Ezra said it was currently seeking advice on the statutory demand and that further announcements will be made as and when there are any material developments.

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