AWT seeks claims delay after proposals rejected

PUBLISHED : Tuesday, 09 February, 1999, 12:00am
UPDATED : Tuesday, 09 February, 1999, 12:00am

Freight forwarder and property concern AWT Holdings is seeking to delay settling $189.9 million in outstanding claims after settlement proposals were rejected.

AWT shareholders last week failed to approve proposals such as issuing new shares to existing staff and landlords in payment of unpaid salaries and rents.

The company said secured creditors such as banks and financial institutions had expressed a desire to dispose of assets pledged for a total of $124 million.

AWT said it had to delay vacating its Kwun Tong factory after shareholders voted against the proposed sale of the factory.