The stock exchange is closely monitoring linen and garment supplier Gilbert Holdings to assess whether its operations and assets are sufficient to warrant its continued listing. The debt-strapped group said yesterday it had an unaudited net deficit of $1.31 billion as of December 31 last year. One of its subsidiaries, Gilbert Company Ltd (GCL), had a net deficit of $1.6 billion, the group said. There were 11 writs and notices claiming a combined $12 million outstanding against the company and its subsidiaries as of yesterday. Gilbert said one financier had filed a winding-up petition against GCL on May 5, but had moved to withdraw the petition on May 20. An exchange source said in general a listed company would be regarded as not suitable for continued listing if the market value of its operations or assets fell below the minimum $100 million required by the listing rules. The company also said that HSBC had appointed receivers for the Hong Kong inventory of GCL and fellow subsidiary Gilbert Plastic Material pursuant to the powers conferred on the bank by debentures. The inventory had a book cost of about $114 million.