NauticAWT Faces Winding Up Threat Over Unpaid Promissory Notes

MT Newswires08-16

NauticAWT (SGX:42D) received a statutory demand on Aug 14 from Chirasak Chiyachantana, the company's majority shareholder and creditor, seeking payment for outstanding promissory notes totaling SG$1.67 million and 36.33 million baht, according to a Friday filing on the Singapore Exchange.

Failure to settle the amount by Sept. 4 could result in Chiyachantana applying for a winding-up order.

As of its latest disclosures, NauticAWT is in a negative equity position, lacking the funds for voluntary liquidation or to satisfy Chiyachantana's claims.

The board has informed Chiyachantana of its financial constraints. Chiyachantana, having explored his options, may fund the winding-up costs if he proceeds with legal action.

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