Winding-up move fails

Telephone-maker HB International Holdings, which chalked up a net loss of $635.3 million for the year to last July, says a winding-up petition filed against its main income earner, HB Electronics, by Banco Exterior De Espana was dismissed by the High Court last Thursday. The subsidiary, which accounts for 60 per cent of HB International Holdings' debt, reportedly owes a European bank more than $2 million.