Financial restructuring on the cards for Jaya Holdings

Singapore: Creditors of shipyard and offshore vessel owner Jaya Holdings have approved the company’s financial restructuring. Creditors, including banks, unanimously approved a scheme of arrangement for two of Jaya’s main operating companies, Jaya Shipbuilding and Engineering and Java Marine Lines.

In June last year the financially strapped company moved to suspend repayments of debts totaling over S$300m ahead of a financial restructuring. Jaya said its day-to-day operations continued as normal.

Source: Sea Trade Asia