Engineering company Triyards Holdings on Wednesday requested for a voluntary trading suspension as it mulls a viable restructuring plan to shore finances.
Triyards Holdings have faced troubles with some of its shipbuilding contracts as the group was unable to deliver the vessels within the respective contractual delivery dates.
Triyards is currently negotiating with affected clients to establish new delivery timelines.
Concurrently, the Group has been in active and continuous engagement with respective lenders with the possibility of increasing the funding for the projects, it said in a statement.
The company also experienced delays in delivery and collections from its clients for certain completed projects as they were severely affected by downturn in the oil and gas industry.
Triyards Holdings said it received demand letters from two of its lenders for about US$ 0.8 million.
The group is currently in negotiations with these lenders, the failure of which could potentially result in these lenders calling for the entire outstanding of about US$ 6.9 million, it said.
The company has engaged a financial advisor to finalise a restructuring plan.