Jaya restructuringNews // September 11, 2009
Offshore Shipbrokers Ltd reports that Singapore based operator and builder Jaya Holdings, which has shipyards in Singapore, Batam Island, Indonesia and Nantong China is rationalising its newbuild programme by delaying and cancelling newbuildings due to financial challenges.
While it finalises the restructuring of its debt Jaya has secured a debt moratorium until the end of October from the Singapore courts for three of its main subsidiaries
Jaya Shipbuilding and Engineering, Java Marine Lines and Airia Jaya Marine.
Jaya, which specialises in building on speculation, currently has several vessels in various stages of construction at its yards.