Stark may ask creditors to swap debt to equity to stay listed
Stark Corporation Public Company Limited, the Thai industrial cable maker at the centre of an accounting scandal and debt default that rattled financial markets, plans to restructure its debt to stave off a forced delisting.
Stark has seen its shares sink by 99% this month after defaulting on some of its 30 billion baht (US$842 million) in liabilities. It has also revealed that PricewaterhouseCoopers (PwC) found irregularities in its past accounting, requiring it to restate financial reports to show consecutive years of net losses.
The scandal marked a dramatic downfall for the company, a former comics publisher…
