MAPLE PLAIN, MN -- A Thailand bank is threatening Innovex (Thailand) Ltd. with foreclosure over its failure to pay millions of dollars in debts due over the past nine months.

In a letter dated Jan. 14, TMB Bank claims Innovex failed to pay $18.2 million due between April and September 2009 under terms of one agreement, and about $1.8 million more between April and December under its long-term credit facilities. TMB demanded payment in full of all outstanding debt within 30, reiterating in the letter that foreclosure is one of the available options

TMB said that, as of Dec. 25, Innovex owed about $32.2 million in all.

Innovex also carries about $29.9 million in debt with its other primary lender, BAY.

Innovex said in an SEC filing it lacks adequate cash to repay the outstanding amounts owed to TMB or BAY. It has talked with Standard Chartered Bank (Hong Kong) about buying at a discount the debt owed to BAY and TMB.