Rhine Holdings, which is bracing for a wind-up petition by bank creditors, said an investor that last year agreed to subscribe for 11 million shares, terminated the subscription in the wake of its recent developments. Rhine allegedly owes $6.29 million on an unsecured loan. Legal advice was being sought as to the right action to be taken against the investor - Fu Tat International - which now holds about five million shares in the company, representing 2.6 per cent of issued capital. Rhine originally intended to use the subscription monies as working capital. The firm said it was working with Swiss franc/US dollar dual currency convertible noteholders to resolve its financial difficulties and restructure its debts.