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Origin Global Empire Defaults on Debt Worth THB13.9 Million

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Origin Global Empire (SET:EMPIRE) said it has defaulted on 13.9 million baht debt owed to a financial institution after the bank settled a performance bond claim related to the Pattaya Marriott Resort & Spa project, according to a Friday filing to the Taiwan stock exchange.

Under a settlement, Pattaya Phattana enforced a 13.9 million baht bank performance guarantee and forfeited 6.95 million bahtin construction retention, eliminating the company's debt to Pattaya Phattana.

The bank paid the guarantee on Aug. 13, however, Origin Global Empire not meet the reimbursement deadline of Aug. 21. Due to this, the outstanding debt that could incur interest and fees and potentially trigger cross-defaults.

The construction company said it is negotiating repayment with the bank by Aug. 28.

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