Grand Asset Hotels and Property Public Company Limited, or GRAND, informed the Stock Exchange of Thailand that the company is unable to pay the principal and/or interest on three bond series, namely GRAND263A, GRAND257A and GRAND257B, totalling 22,498,805.40 baht, by 29 September 2026, the deadline of the 15-day extension the company had requested. The three series have a combined outstanding value comprising GRAND263A with an outstanding value of 114.392 million baht, GRAND257A with an outstanding value of 616.075 million baht, and GRAND257B with an outstanding value of 44.01 million baht. The company stated that the reason it could not repay the debt was that negotiations to sell assets intended to serve as a source of cash flow for repayment have been delayed and have not proceeded as expected. The company will hold the postponed meeting of holders of the three bond series on 7 October 2026 at 10.00 a.m. to consider related courses of action, including seeking a waiver of the bondholder register closing, seeking a waiver for the failure to prepare and submit the financial statements for the second quarter of 2026 and the third quarter of 2026, seeking an adjustment to the interest repayment of the bonds, and seeking a waiver so that such actions are not deemed a breach of the rights conditions, as well as seeking cancellation of the obligation to maintain the ratio of total net liabilities to total shareholders' equity under clause 7.3 (a) of the rights conditions, and seeking a waiver regarding the review and submission of the valuation report on the ordinary shares of ROH. The latter matter will be considered only for the GRAND263A bonds, which are secured by ROH shares.
GRAND cannot pay 22.5 million baht in bond principal/interest after asset-sale delays, triggering a bondholder meeting on waivers and debt restructuring.
