SINGAPORE (July 9): Among the biggest casualties of the slump in the oil and gas (O&G) sector has been Ezra Holdings, which last year filed for bankruptcy protection. Ezra owns 75.3% of offshore services provider EMAS Offshore and 60.9% of shipbuilder Triyards Holdings. All three stocks have been suspended since 2017.

Now, it is becoming slightly clearer which of the group’s units will survive. On Feb 13, Triyards announced it had received a US$5 million ($6.8 million) lifeline from Ferrell Vanquard Fund SPC to meet its working capital requirements. Ferrell Vanguard also has the option to make a further investment of at least US$50 million into the company. This could come in the form of a loan and/or subscription of shares.

In September last year, Triyards had revealed it was facing increasing difficulty in gaining access to liquidity following the release of a poor set of financials. It was also unable to collect sums due from some clients, putting it in the position of being unable to meet certain loan repayments. It therefore requested for a trading suspension.

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