The Ma family, which founded and still controls struggling Moulin Global Eyecare Holdings, has sold 30.5 million shares in the firm since April 17, lowering its stake to 16.94 per cent from 22.44 per cent. Moulin's shares have been suspended from trading since April 18. Troubles at the world's third-largest eyewear maker show no sign of abating, with sources close to the company yesterday declining to rule out bankruptcy. 'I can't make any sensible prediction on bankruptcy,' said Christopher Howe, the managing director of Anglo Chinese Corporate Finance, which is advising Moulin on its debt restructuring. 'Moulin has been experiencing liquidity problems. Some companies recover and some don't.' Last month, eight creditor banks called in Moulin loans worth $329 million. Moulin chief financial officer Don Lee Kwok-ming told reporters on June 1 that he was 'very confident' the company would conclude a 'standstill agreement' with the banks within a week. But a formal standstill agreement - by which creditors give the firm breathing space to restructure its debt -- had still not been reached, admitted Mr Howe. 'The situation is still fluid.' Moulin is also in technical default for additional debts of $750 million. On April 19, the Ma family, through privately owned vehicle Sharp Merit International divested 20 million shares in an off-market transaction. On May 4, Sharp Merit sold an additional 10 million shares. Mr Howe declined to name the buyer or the transaction values. The most recent sale took place on June 8, with 500,000 shares sold at $2.10 each, a discount of 58.4 per cent to the share price of $5.05 when it was suspended. 'This price indicates what Moulin shares will trade at when the suspension is lifted,' said CLSA analyst Adrian Lowe. 'We hope they sold the shares to a white knight. Otherwise, it doesn't look too good, as the buyer may be a vulture investor.' Since early March, Morgan Stanley has pared its stake in Moulin to 5.93 per cent from 7.98 per cent. 'What has taken us by surprise is the amount of debt. Currently, Moulin has debt of more than $2.7 billion,' wrote Mr Lowe in a report. This raised Moulin's gearing ratio to 132 per cent from 15 per cent a year ago, he said. If the $329 million debt was paid off to the eight banks, Moulin's gearing would fall to 118 per cent, he added. 'A more comfortable gearing ratio of 50 per cent would require around $1.7 billion cash.'