Origin Global Empire Public Company Limited, or EMPIRE, has informed the Stock Exchange of Thailand that it defaulted on a debt to a financial institution on 21 August 2026, after failing to repay 13.90 million baht to the bank on schedule. The bank had already paid that amount under a claim on a letter of guarantee to Pattaya Phatthana Asset Company Limited, or PPA. The event stems from a dispute over a construction contract for building systems and infrastructure for the Pattaya Marriott Resort and Spa hotel project dated 26 December 2023. PPA terminated the contract and hired a third party to carry out the work instead, incurring costs of 20.85 million baht. The company later agreed to settle the dispute by paying 13.90 million baht through enforcement of the letter of guarantee and forfeiting a performance bond of 6.95 million baht, which ended the debt to PPA but created a debt obligation to the bank instead. This default may lead to interest, fees, or a cross default on other debts, and it affects the financial statements at 5.71 percent of total assets according to the first quarter 2026 financial statements. The company is arranging to negotiate with the bank by 28 August 2026 to find a way to repay the debt and mitigate the impact.
Origin Global Empire Public Company LimitedDefaulted on 13.9 million baht debt, may trigger cross default and affect financials.
