Grand Asset Hotels and Property Public Company Limited, or GRAND, in its capacity as bond issuer, disclosed that the company has scheduled a bondholders' meeting on September 25, 2026 at 2:00 p.m. via electronic means (E-Meeting) to consider key agenda items relating to a total of 11 bond series, including requests for waivers of default events, adjustments to the interest payment format, cancellation of the condition requiring maintenance of the net debt to equity ratio, as well as matters relating to collateral for certain series. The first bondholders' meeting of 2026 covers the company's high-risk, secured bond, the second series of 2024 due for redemption in 2028, or GRAND263A, as the sole series. The second bondholders' meeting of 2026 covers another 10 bond series, namely GRAND254A, GRAND25DA, GRAND257A, GRAND257B, GRAND259A, GRAND264A, GRAND25OB, GRAND259B, GRAND271A and GRAND267A, all of which grant the issuer the right to redeem the bonds prior to maturity. The company proposes to suspend payment of interest currently accrued through December 31, 2026 and to pay it in a single installment on the bond redemption date. Interest from January 1, 2027 onward will be split into two portions: the first portion paid on the original interest payment dates every three months at a rate of 4.00% per annum, and the remaining portion, calculated as the interest rate under the terms and conditions minus 4.00% per annum, will be deferred and paid on the redemption date. In addition, the company proposes to cancel the obligation to maintain the net debt to equity ratio under Clause 7.3 (a) of the terms and conditions, and to seek a waiver of the appraisal price review and the submission of the valuation report on ROH ordinary shares, which applies only to the GRAND254A, GRAND259A, GRAND263A, GRAND264A and GRAND271A bonds, as well as to cancel the fee for exercising the right to redeem bonds prior to maturity, which applies only to the GRAND254A bonds. The company will broadcast the meeting live from Room Acada 1-2, 32nd Floor, Exchange Tower, 388 Sukhumvit Road, Khlong Tan Subdistrict, Khlong Toei District, Bangkok 10110, in accordance with the meeting invitation letter dated September 17, 2026. Quorum counting, voting on each agenda item, and vote counting will be conducted separately for the bondholders' meeting of each bond series.
GRAND seeks bondholder waivers on 11 bond series, suspends accrued interest payment and cancels net debt/equity covenant, signaling financial distress
