LINEAR has 3 weeks to settle debts

LINEAR Corp Bhd has three weeks to settle debts worth RM2.33 million together with interest of 3.5 per cent per year to RHB Bank Bhd.

The company told Bursa Malaysia yesterday that it has been served a notice by the bank’s lawyers, failing which a winding-up petition may be filed against it.

This amount was derived from a judgment obtained by RHB Bank against the company and its wholly-owned subsidiary LCI Global Sdn Bhd (formerly known as Linear Cooling Industries Sdn Bhd) where the subsidiary had defaulted in its unsecured banking facilities.

Linear said it will continue in its negotiations with RHB Bank and other creditors for an amicable settlement.

- by Business Times