Cash-strapped China Shanshui Cement has received several demands for repayments from creditors, following a default even as it had started winding up proceedings, it said in a stock exchange filing.

The default was on a 2 billion yuan bond which was due on Thursday, about which the company had warned a day before.

The company said that China Construction Bank had demanded repayment of a $50 million loan by Thursday failing which it would institute legal proceedings against its subsidiary China Pioneer Cement, which owed the debt.

Another subsidiary Shandong Shanshui Cement Group, had also received notices and letters from creditors demanding immediate repayment of their dues. Those moving against Shandong Shanshui included China Merchants Bank which had accelerated a 600 million yuan revolving loan.

China Shanshui said such creditor action could destabilise the company and that a winding up petition had been filed in a Cayman Islands court.

The application was heard by the court on Wednesday and adjourned to be heard on November 18, the company said.

Default on the 2 billion yuan onshore debt had triggered cross default provisions on a $500 million bond due 2020 and other debt. The bonds fell by a point to 63 cents on the dollar.