Bloomberg-Thai Banks Face Biggest Default Since '97

[JamesWest]

http://www.bloomberg.com/news/articles/ ... ture-fails

"Sahaviriya Steel Industries Pcl, the Bangkok-based operator of Southeast Asia’s largest flat-steel manufacturing complex, reneged on 50 billion baht ($1.4 billion) of loans Monday following the failure of its four-year old U.K. venture. The group said it was suspending production at the Teesside plant, which employs about 2,000 people, amid a drop in prices and a supply glut stemming from slowing economic growth in China."