Engineering company Triyards Holdings on Friday said it received demand letters from two of its lenders for about US$9.1 million.
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.
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 said it is in discussions with all its lenders to secure relief for 180 days as it mulls a viable restructuring plan to shore finances.
The company is reviewing its options to preserve value for its stakeholders and to strengthen its financial position.
The group is in continuous engagement with various parties to recapitalise it balance sheet and improve liquidity, it said.
In view of the above, the company said it has requested Singapore Exchange to grant an extension of 60 days to file its results for the financial year ended August 31.
Shares in Triyards Holdings suspended trading on the Singapore Exchange following the company's request in September.
