Thai builder seeks debt relief after two deadly crane accidents
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A Thai construction company, Italian-Thai Development, is seeking debt relief of approximately US$446 million following two crane accidents that resulted in 34 fatalities. The company plans to hold an online meeting with bondholders to request a three-year extension on the maturity of five series of notes. The Thai government has ordered the suspension of work on several projects linked to the accidents, while Italian-Thai continues to assert that some contracts remain valid. The company is facing significant financial challenges, with losses of about 13 billion baht from 2020 to 2024 and a 10% drop in share value recently.
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