Troubles Mount for Thai Firm Hit by Accounting Scam, Default
- Bond holders call for immediate payment of $200 million
- Company expressed doubt about its ‘going concern’ status
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Bondholders of Stark Corp. Pcl called for immediate payment of about $200 million after a special audit revealed accounting irregularities, the latest trouble for the Thai electrical components maker that’s defaulted on debt and seen its shares plummet to near-zero.
Holders of three series of bonds maturing between 2024 and 2025 totaling 6.95 billion baht ($200 million) submitted payment demand letters to Stark on Tuesday. The company has until July 20 to pay the principal and interest, Kasikornbank Pcl and Asia Plus Securities Co. said in separate statements.