The Securities and Exchange Commission, or SEC, has issued a warning to holders of 11 bond series issued by Grand Asset Hotels and Property Public Company Limited, or GRAND, namely GRAND254A, GRAND257A, GRAND257B, GRAND259A, GRAND259B, GRAND25OB, GRAND25DA, GRAND263A, GRAND264A, GRAND267A and GRAND271A, to follow the bondholders' meeting that will be convened again on October 7, 2026 at 10:00 a.m. via electronic means, after the second meeting of 2026 on September 25, 2026 failed to achieve a quorum as required under the rights terms. Key agenda items for the new meeting include the waiver of various matters so they are not treated as events of default under the rights terms, the cancellation and exemption of any actions by the bondholders' representative relating to events of default, changes to the conditions for interest payments on the bonds, and the cancellation of the issuer's obligation to maintain financial ratios under the rights terms, as well as the cancellation of fees for exercising the right to early redemption of the bonds, specifically for the GRAND254A series. The SEC requires the bondholders' representative to clearly analyse the advantages, disadvantages, benefits and impacts that bondholders would receive from approving or rejecting each option, together with the reasons and opinions of the bondholders' representative, and urges bondholders to study the information carefully, exercise their rights to protect their interests, and seek information from the bondholders' representative to support their voting decisions at the meeting.
SEC warning and bondholders' meeting over waiving events of default, changing interest-payment terms, and cancelling financial-ratio obligations signal financial distress for GRAND's bond series.
