stark corp the thai industrial cable maker at the center of an accounting scandal and debt default that rattled financial markets plans to restructure its debt to stave off a forced delisting stark has seen its shares sink by 99 this month after defaulting on some of its 30 billion baht 842 million in liabilities it has also revealed that pricewaterhousecoopers found irregularities in its past accounting requiring it to restate financial reports to show consecutive years of net losses the scandal marked a dramatic downfall for the company a former comics publisher transformed into a manufacturer of cable wire and other industrial products through a series of acquisitions its top shareholder is vonnarat tangkaravakoon a businessman from one of thailand’s wealthiest families vonnarat is now company director tasked with keeping it afloat after the departure of its ceo “the company is not complacent and will urgently take action” to resolve its negative shareholders’ equity which is a major criteria for the stock exchange to remove its stock from trading vonnarat said in a statement under the restructuring plan stark may ask creditors to swap their debt into equity the company said in exchange filing late wednesday it also cited the possibility of securing funds through cost cuts and the sale of some assets the company will also try to convince its major creditors not to pursue an accelerated debt payment it said stark’s troubles have rattled investors who were already growing nervous about thailand after its may election ended in a political impasse officials have sought to quell those worries by promising tougher regulations and initiating a criminal investigation it was still unclear who was responsible for the accounting problems pwc’s findings included fake payments involving the company’s unnamed former officers thailand’s department of special investigation has seized more than 100 million baht worth of assets from stark the bangkok post reported citing directorgeneral suriya singhakamol dsi’s asset seizure comes amid reports that alleged fraud by company’s former executives could cause a damage of as much as 100 billion baht according to the report dsi has called people in for questioning and may be able to name suspects in two weeks suriya was quoted as saying stark has not responded to queries from bloomberg the securities  exchange commission has stepped up its cooperation with law enforcement and private organizations to look into legal violations by the company thawatchai pittayasophon the regulator’s deputy secretarygeneral said on monday