NauticAWT Faces Winding Up Order After Demand

NauticAWT Ltd. (SG:42D) has released an update.

NauticAWT Limited has received a statutory demand from its majority shareholder and creditor, Dr. Chirasak Chiyachantana, for the payment of outstanding debts amounting to SGD 1,667,358.19 and THB 36,326,068.50 related to promissory notes. The company, already in a negative equity position and having previously considered voluntary delisting, has acknowledged its inability to satisfy the claim or fund a voluntary liquidation. Dr. Chirasak is now entitled to pursue a winding up order against the financially troubled company.

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