Grande Asset Hotels and Property PCLPrivate▼ Negative
Capitalrelevance
GRAND defaulted on two bond series due to liquidity shortage from sluggish real estate and delayed asset sales, triggering cross-default provisions.
Grand Asset Hotels and Property Public Company Limited, or GRAND, has defaulted on principal and interest payments for two secured bond series with a combined principal value of 975,975,000 baht. The defaulted principal for the GRAND257A series is 616,075,000 baht, and for the GRAND25DA series it is 359,900,000 baht. The cause is a liquidity shortage stemming from a sluggish real estate sector and delays in asset sales. The default has prompted the bondholder representative to declare both series immediately due and payable, and it may trigger cross-default provisions for nine other GRAND bond series. However, enforcement has not yet taken effect as the bondholder representative has granted a 30-day remedy period. The company plans to hold a meeting for holders of all ten bond series on 5 August 2026 to seek waivers and adjust repayment terms.
GRAND defaulted on two bond series due to liquidity shortage from sluggish real estate and delayed asset sales, triggering cross-default provisions.