Creditor gets court order to sell Anwell unit assets

ANWELL Technologies yesterday said a trade creditor has obtained a court order to auction 229.4 million yuan (S$46.5 million) worth of assets from its subsidiary Henan Kerry Digital Co Ltd.

This follows a court order to seize the assets for outstanding trades payable of approximately 94 million yuan owing to the creditor. The seizure of assets is to prevent Henan Kerry from disposing of the assets and to secure the creditor's legal rights for the recoverability of the debt owed.

The interim management has been negotiating with the creditor for the rescheduling of the payment of the amount due. However, no settlement has been reached.