DISTRESSED Libra Group has received a letter of demand for US$18.8 million from UOB for outstanding banking facilities, the Catalist-listed company announced in a bourse filing on Friday.
The letter, dated Oct 8, indicates that events of default have occurred and the entire sum of US$18.8 million is immediately due by Friday, Oct 11. Kin Xin Engineering, a unit of Libra that provided guarantees for the US$18.8 million sum, also received a letter of demand from UOB for repayment by the same deadline.
Another Libra unit, Libra Engineering & Manufacturing, separately received a letter of demand dated Sept 30 from WMS Industrial Gas & Equipment for RM72,940 , related to goods sold and delivered. WMS is also seeking RM159 for the cost of issuing the letter of demand.