The New Nordic group announced today that it has filed for bakruptcy. New Nordic is a very big player in the property market in Pattaya and other places worldwide. Leaving thousands of expats and Thais losing millions of baht each (5.46 million in my case) and with total debts running in to billions of baht. This hasn't been reported by any Thai news agency

Ha!

Or as they say in Norway, Ha!

foreigners burning other foreigners, a never ending game in this country..

How did you lose?  Buying off the plan?  

https://nng-restructuring.com/
 

5 minutes ago, Kerryd said:

https://nng-restructuring.com/
 

Thanks Kerry. Meanwhile, their main website is still up and running and beyond some updates from late 2020 alluding to the difficulties caused by the pandemic, is open for business and soliciting interest without mention of their financial restructuring or any links to it.

Anyway, good luck in finding a way forward. My experience of Norwegian business accounting and bankruptcy in another work environment indicates that they can be very creative and sometimes successful too.

Quite sure those in the know already made themselves financially safe before announcing this - like most companies .

That's why I always rent. Sorry for your (financial) loss.

28 minutes ago, NanLaew said:

Ha!

Or as they say in Norway, Ha!

A Ha, you mean? What "The Living Daylights" is going on?

I thought I had read this news somewhere on here at least a couple of months ago, though not in a dedicated thread. There were some jokes about orange paint being for sale at a big discount.

Joking apart, I feel so sorry for those who have invested and lost amounts intended for their dream retirement home. It sounds like a huge mess and goodness knows how it can be sorted out, if ever.

It seems they started the process back in January actually from what I could see when doing a bit of searching. Not much info though and I didn't spend much time looking (I've no involvement, I was just looking to see if I could find relevant info for other members).

Sorry to hear of your loss - Pattaya is in dire straits at the moment let's hope it rises from this nadir soonest.

Found on another site:

"Latest developments: Rumors are – we can’t confirm this by own sources – that New Nordic Development Co., Ltd. filed on January 28, 2021 a “Rehabilitation Petition” registered in the Commercial Court as # ฟ ฟ 6/2564 (The Central Bankruptcy Court)." (My bolding and underlining.)

https://pugnatorius.com/new-nordic/

 

What???? What about my 10% guaranteed return???

LOL. These guys were a house of cards any breeze would collapse. It was merely a matter of time until the pyramid scheme collapsed.

I was talking about this months ago, I'm pretty sure it was discussed on this forum but Facebook is where people connected were reporting it.

 

Op how did you lose 5m+ baht? Is that guaranteed rent? Or you bought off plan?

Buying off plan is probably riskier than bitcoin

Topic is already running in Pattaya News Forum:

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