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SINGAPORE : Mainboard-listed forestry and construction firm United Fiber on Wednesday said that it has received a debt repayment demand worth some US$23 million.
The demand for the repayment of the debt was made by China National Machinery & Equipment Import & Export Corporation (CMEC).
Unifiber owes CMEC the money, which is related to the contract for the delivery of a wood chip mill turnkey package and a performance bond.
The firm made a repayment of US$1 million on Tuesday.
It said it will actively engage with CMEC to negotiate a complete restructuring of the debt.
Unifiber is also in talks with an investor Falcon Capital Global to get a loan of US$5 million for the purpose of partially repaying the debt. - CNA/ms
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