Grande sues Lehman unit
Grande Asset Hotels and Property (GRAND), a property developer, has filed a complaint against Lehman Brothers Commercial Corporation Asia (LBCCA), a unit of collapsed Lehman Brothers Holding, following LBCCA's failure to subscribe to its bonds as promised.
The Thai company claimed for damage worth Bt2.605 billion, as LBCCA failed to subscribe for the bonds worth Bt10.4 billion.
CEO Timothy Markland Blaiklock said in the statement filed with the Stock Exchange of Thailand (SET) that GRAND's shareholders last year approved the company to issue and offer secured, floating rate debentures not exceeding Bt12 billion. Later, LBCCA in December 2007 agreed to subscribe and pay for the debentures in the aggregate amount of Bt10.4 billion.
GRAND delivered a funding request to LBCCA on September this year requesting advance payment of Bt102.78 million which should be paid on September 16. However, LBCCA failed to meet the subscription agreement.
The company filed the complaint against LBCCA with the Phra Khanong Provincial Court.
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