June 23, 2020 / 3:26 PM / 12 days ago

BRIEF-Pacific Star Development Says Group Initiated Bankruptcy Of Kanokkorn Pattana

June 23 (Reuters) - Pacific Star Development Ltd:

* 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* IN VIEW OF KNK BANKRUPTCY, SUB-PARAGRAPHS IN Q3 ANNOUNCEMENT OF CO’S GOING CONCERN ASSESSMENT ARE NO LONGER APPLICABLE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: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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