Construction group Italian-Thai seeks new loan amid liquidity crunch

Debt defaults may force company to file court rehabilitation plan

Thailand's delayed 2023-24 budget has prevented the government from kicking off any infrastructure project that Italian-Thai won the bids to operate, leaving the company struggling to gain revenue from them. (File photo by Getty Images)

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer

March 21, 2024 12:12 JST

BANGKOK -- Thailand's biggest construction company Italian-Thai Development is seeking a new loan to keep its business operations going, at a time when it is facing a serious liquidity crunch.

Italian-Thai confirmed its first tranche of debt default as it failed to pay debentures due this year worth a total 5.67 billion baht ($157 million).