Thai Polycons Public Company Limited, or TPOLY, has defaulted on the second principal installment of its secured bond TPOLY253A, amounting to 36 million baht, which was due on 30 June 2026. The default stems from delayed asset sale proceeds and slower-than-planned collection of payments from construction projects. The company is urgently seeking new funding sources and has appointed agents to sell several vacant land plots, including a plot on Ram Inthra Road with an appraised value of 463 million baht, to enhance liquidity. It is also preparing to hold a bondholder meeting to request a waiver of the default. On the business strategy front, the company is downsizing its organization and shifting focus to small and medium-sized construction contracts worth 20 million to 300 million baht, targeting construction service revenue of 1 billion baht for 2026.
Thai Polycons Public Company LimitedDefaulted on bond payment, liquidity crisis, and forced asset sales.