Bangkok Bank Sued by FOX for Failure to Pay Bank Guarantees

(BUSINESS WIRE): FOX Networks Group Asia (“FOX”) has announced that it has filed legal actions in Hong Kong and Bangkok against the Bangkok Bank Public Company Limited (“Bangkok Bank”) for failing to honor two separate bank guarantees securing payments for distribution of its channels in Thailand by GMM Grammy Public Company Limited (“GMM”) and CTH Public Company Limited (“CTH”), both of which were major operators of pay-TV platforms and the holders of licenses of failed digital television channels in Thailand.

Under separate channel licensing agreements with FOX signed in 2013, GMM and CTH, in aggregate, have obligations to pay FOX a principal amount in excess of US$71 million and interest on late payments. As security for payment of such amounts, the Bangkok Bank issued separate bank guarantees to FOX to guarantee each of GMM's and CTH's payment obligations. Since late 2015, Bangkok Bank has failed to comply with its guarantee obligations. ...

Source : http://me-newswire.net//news/19233/en...