Troubled freight forwarding and property investment company AWT Holdings said it received writs from creditors demanding repayment of $45 million.
AWT said yesterday it made a net loss of $287 million for the five months ended in February.
The losses stemmed mainly from a write-down of $61 million on investment properties, $102 million on fixed assets from its real estate agency, and $56 million in provisions for doubtful debts owed it by trade debtors.
By comparison, the company has about $50 million in available cash and bank balances. It also has about $173 million in trade receivables and $133 million in fixed assets.
AWT has total and contingent liabilities of more than $340 million. It made a net loss of $63.5 million for the six months to September 30 last year.
It will issue 25 million new shares - or 3.18 per cent of its enlarged share capital - to mainland developer Goldenluck Enterprises to avoid having to complete a US$1.3 million deal to buy two flats in Shanghai.