Referring to the petition for Business Rehabilitation of Sahaviriya Steel Industries Public Company Limited (SSI), the Central Bankruptcy Court (the “Court”) issued an order for Business Rehabilitation and appointed the Company as a Plan Preparer (the “Plan Preparer”) on 10 March 2016. Later, on 15 December 2016, the Court issued an order to approve the Company’s Business Rehabilitation Plan which determined the Company as the Plan Administrator (the Plan Administrator”).
Mr. Nava Chantanasurakon, President of SSI, reveals that throughout the period under business rehabilitation process, the Company as the Plan Administrator had continually implemented on the business rehabilitation plan until the Company completely achieved all the conditions of success of the business rehabilitation plan which are:
1) Repayment (including by means of cash payment, 1st debt to equity conversion and additional cash repayment from excess cash under point 2 below) of the outstanding principal to each creditor in the amount of 11,269 MB, or 20.16% of the outstanding principal that the Company has to pay under the Plan;
2) Repayment of the outstanding principal from excess cash to creditors under the rehabilitation plan in the amount of 2,563 MB, or 22.75% of the debt repayment stated in point 1);
3) Continuous repayment of the outstanding debt under the rehabilitation plan without default for not less than 34 months consecutively starting from the Court’s approval of the amended plan on 18 September 2020 onward; and
4) The Plan Administrator and creditors with total amount of more than 75% of the outstanding debt under the plan has a common opinion that the Company has the potential and readiness as well as ability to continue the business after leaving the business rehabilitation process.
The Company, therefore, submitted a petition to the Court for termination of the business rehabilitation process. Consequently, on 13 December 2023, the Court has an order of termination of the Company’s business rehabilitation, in accordance with section 90/70 of the Bankruptcy Act B.E. 2483.
“The Company remains commit to carry on the business toward strength and sustainable growth. The Company would like to thank those who involved in the business rehabilitation process for their contribution of all efforts throughout the period of the business rehabilitation making the business rehabilitation successful, as well as all stakeholders who have always believed in the Company and sincerely hopes that the Company will continue to receive supports in the future.” President of SSI said.