“MTD Walkers to close business”
MTD Walkers PLC has sent the following letter with reference to last week’s report titled “MTD Walkers to close business”:
“We wish to categorically state that the company is not planning to sell its assets nor is it closing its business. The group has been in negotiation with all its bankers to restructure its existing facilities. Furthermore we wish to state that Walkers CML Group enjoys a healthy order book including projects of national importance, which is currently being carried out by its 3,500 employees.”
Business Editor says: At least two banks have sought court intervention seeking repayment of the facilities amounting to millions of rupees. In one case a restraining order – based on a petition by Commercial Bank – has been issued by the Commercial High Court on September 26, 2019 against MTD Walkers (which case MTD Walkers informed the Colombo Stock Exchange) proceeding with the offer made by Ravi Wijeratne to acquire a majority stake in the company, until the bank recovers all its dues.