Thai stock market suffers as Stark Corporation defaults

[snoop1130]

 

Investors were cautioned by stock market regulators regarding Stark Corporation’s shares, as the company is expected to default on payments for corporate bonds valued at nearly 9.2 billion baht. Following a bondholders’ meeting, Stark announced its intention to “call default” on two bond series worth 2.24 billion baht within a month, raising concerns about the company’s ability to pay for three other bond series valued at approximately 6.96 billion baht.

 

Vonnarat Tangkaravakoon, a major shareholder and director, stated in a filing to the Stock Exchange of Thailand (SET) that the company’s decision to call default makes it highly unlikely that Stark will be able to pay for the three other bond series, also known as “cross default”. Kasikornbank is the representative for four out of the five corporate bond series that Stark is expected to default on.

 

The Securities and Exchange Commission (SEC) opened a bond information centre to provide investors with necessary information about the bonds, while bondholders’ representatives must follow up on the legal debt repayment process. The SET also issued a warning for trading Stark shares, which resumed after a three-month suspension.

 

Vonnarat Tangkaravakoon mentioned that other financial creditors might also call for the same treatment as bondholders, and the company is considering negotiating a solution with creditors. He also emphasised the need for caution in paying any group of creditors, as it may negatively affect negotiations with other groups.

 

By Alex Morgan

 

Full Story: https://thethaiger.com/news/business/thai-stock-market-suffers-as-stark-corporation-defaults

 

-- © Copyright Thaiger 2023-06-02

 

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[dinsdale]

Never mind. Thai baht will remain strong. Political uncertainty? Strong. Military coup? Strong. Covid 19? Strong. Exports down? Strong. Doesn't matter. Always strong. Dips a bit but not much. Makes me wonder.

Edited June 2, 2023 by dinsdale

[stoner]

wait i keep being told that bitcoin is a scam and stocks are solid as a melting glacier. 

[Homburg]

So Iron Man's flying suit will be repossessed and he'll have to catch the bus?

[spidermike007]

We will likely see a massive correction, both here and worldwide, in the coming year or two. Just wait. The Thai economy is in rough shape and will most definitely be rocked by whatever happens worldwide. 

[sammieuk1]

I was going to invest in a can of pledge (£1 UK) 417 Baht here but decided against it its a Stark raving mad price ????

[hotchilli]

8 hours ago, dinsdale said:

Never mind. Thai baht will remain strong. Political uncertainty? Strong. Military coup? Strong. Covid 19? Strong. Exports down? Strong. Doesn't matter. Always strong. Dips a bit but not much. Makes me wonder.

Teflon coated baht.

[PETERTHEEATER]

16 hours ago, dinsdale said:

Never mind. Thai baht will remain strong. Political uncertainty? Strong. Military coup? Strong. Covid 19? Strong. Exports down? Strong. Doesn't matter. Always strong. Dips a bit but not much. Makes me wonder.

I do hope you are not implying manipulation.....☺️

[Pedrogaz]

Will this put Kasikorn at risk? It's my bank and I wouldn't like it to go bust.

[quake]

13 hours ago, Pedrogaz said:

Will this put Kasikorn at risk? It's my bank and I wouldn't like it to go bust.

Yes, draw all your money out tomorrow and hide it under the bed.

don't tell the g/f or wife.

best to be safe.