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Bangkok Post
Bangkok Post
Business

Stark warning over potential bond default

Stark Vonnarat Tangkaravakoon Stark Corporation Bonds SEC SET Stock Market

Stock market regulators yesterday warned investors to exercise caution in trading shares of Stark Corporation, saying the listed wire and cable maker is likely to default on payment of corporate bonds worth nearly 9.2 billion baht.

Stark convened a bondholders' meeting on Wednesday and resolved to call for immediately due or "call default" of two bond series worth 2.24 billion baht within 30 days, according to the company's filing to the Stock Exchange of Thailand (SET) yesterday.

The resolution means it is highly unlikely that Stark will be able to pay for three other bond series with a total outstanding value of roughly 6.96 billion baht, also known as "cross default", said major shareholder and director Vonnarat Tangkaravakoon in the filing.

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