TROUBLED Jurong Technologies Industrial Corp risks being wound up after OCBC bank demanded that it repay loans of about $56.6 million.
Jurong Tech and its wholly-owned subsidiary Jurong Hi-Tech Industries (JHT) have received a statutory demand from OCBC claiming full repayment of two amounts: $21.9 million and $34.7 million.
Last Friday, OCBC lawyers said that if payment was not made by the firms within three weeks from Jan 9, the bank would be entitled to start winding up proceedings against Jurong Tech and JHT.
Jurong Tech, JHT and its financial advisers Korda Mentha Neo have met with their creditors, according to a filing made by Jurong Tech to the Singapore Exchange yesterday.
The firm also said that it will continue to negotiate with creditor banks and financial institutions, including OCBC, 'to achieve a favourable resolution of this matter'.
Read the full story in Wednesday's edition of The Straits Times.
