Brief: Pacific Star Development Says Group Initiated Bankruptcy Of Kanokkorn Pattana

Pacific Star Development

23/06/2020 16:21

June 23 (Reuters) - Pacific Star Development Ltd  PACS.SI :
    * ON 22 JUNE, GROUP INITIATED BANKRUPTCY OF KANOKKORN
PATTANA, A
THAI JV CO
    * KNK IS A DEVELOPER & ASSET HOLDING CO OF GROUP'S
CONDOMINIUM
DEVELOPMENT LOCATED IN BANGKOK
    * IT IS NECESSARY TO CEASE GROUP'S PARTICIPATION &
CONTINUATION OF
P12 PROJECT
    * IN VIEW OF KNK BANKRUPTCY, SUB-PARAGRAPHS IN Q3
ANNOUNCEMENT OF
CO'S GOING CONCERN ASSESSMENT ARE NO LONGER APPLICABLE
    * GROUP WILL IMPAIR AMOUNT DUE FROM P12 ENTITIES OF ABOUT
S$23.09
MILLION IN CURRENT FINANCIAL PERIOD
    * NOTWITHSTANDING IMPAIRMENTS & KNK BANKRUPTCY, BOARD'S
ASSESSMENT
OF GOING CONCERN OF GROUP REMAINS UNCHANGED

Source text for Eikon:  urn:newsml:reuters.com:*:nSNZ2NY0lv
Further company coverage:  PACS.SI 

 (Reuters.Briefs@thomsonreuters.com)