LIBRA Group has received four letters of demand from creditors collectively seeking about S$9.3 million in repayments, as well as its mortgaged property at Sungei Kadut, the company revealed in a bourse filing on Wednesday.
Under Section 211B of the Companies Act, this gives Libra an interim debt moratorium of up to a month, before the High Court decides on the application. Cyber Builders has defaulted on borrowings from Maybank that are secured by the property's mortgage, according to the letter. Maybank said that it will pursue legal action to recover the property past the deadline.
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