Thai Contractor Faces $3 Billion Debt Crunch as Some Overseas Projects Fail
- Italian-Thai Development delays payments after years of losses
- Company in talks with banks for fresh loans to beat crisis
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A cash crunch at Thailand’s largest construction company is fueling concern among investors, regulators and rating agencies already unnerved by a series of local corporate scandals and debt defaults.
Italian-Thai Development Pcl confirmed on Wednesday reports that it is in talks with banks for new loans to tide over the liquidity crisis that led to delayed payments to some workers and contractors. Trading of shares in Italian-Thai, which had total liabilities of 108 billion baht ($3 billion) including bonds, loans and trade credit as of Sept. 30, was suspended this month after the contractor missed the deadline for submitting its full-year 2023 financial statement.