Stark Defaults on Debt, Shares Plunge 90% After Report Delay (1)

Stark Corp. Pcl defaulted on its debt after it missed the deadline for publishing its financial statements and bondholders rejected its request for a waiver. Its shares tumbled as much as 90.3%.

Investors in 2 notes worth a combined 2.24 billion baht ($65 million) issued by the Thai electrical component maker triggered the default and want prompt repayment of the principal and interest, according to an exchange filing on Thursday.

Their vote to deny Stark’s request on for financial reporting led to a cross default on the company’s loans and other bonds. The latter are worth 6.96 billion baht. Creditors ...