2023-06-16 14:33:00
STARK informs the SET to accelerate negotiations with creditors for 2 sets of debentures worth more than 2.2 billion baht, including interest. That is being paid within July 2, in order to brake the right to claim payment Afraid to affect the remaining 3 sets with more than 6.95 billion baht in outstanding principal to understand the situation of the company. By preparing to hold the bondholders’ meeting on June 23, laying out guidelines to cope with If the resolution of the meeting Not except for the event of default and promptly demand payment of debt
Mr. Vonnarat Tangkaravakoon, Director of Stark Corporation Public Company Limited or STARK, clarified about being called to pay the principal and accrued interest of the debentures No. STARK239A and STARK249A and the meeting. Debenture holders No. 3/2023 for debentures No. STARK245A STARK255A and STARK242A consist of
In case the company is called to pay all principal and interest according to the debentures No. STARK239A and STARK249A in the amount of 2,241,000,000 baht with all accrued interest within July 2, 2023.
The company has an action plan that due to default on bonds No. STARK239A and STARK249A will result in more bonds. 3 tranches, namely debentures no. STARK245A, STARK255A and STARK242A with total outstanding principal. 6,957,400,000 baht also defaulted and other financial creditors may exercise the same claim for settlement of all debts.
However, the company is considering communicating, negotiating, finding a solution with Such creditors exist in order for the creditors to suspend the exercise of such rights. But still unable to conclude the debt balance that may be exercised in the same way Because the cause of the sudden debt repayment of the debentures has just happened.
This is to prevent the occurrence of disadvantages between financial creditors. and various creditors of the company. The company is negotiating with all major financial creditors. to understand the situation of the company to prevent other creditors from exercising the same rights At the same time, the Company considers the risk arising from any action that may be considered discriminatory and gives any group of creditors an advantage over other creditors.
Therefore, the Company is of the opinion that it must be especially careful in making debt payments to any particular group of creditors because it may be revoked by other groups of creditors or negatively affecting the negotiations with other groups of creditors. Negotiations concluded on how to manage debt payments equally to creditors and others. before making any payment.
Preparing for the bondholders’ meeting on June 23, 2018, to vote on default payment – late submission of budget
In this regard, the bondholders’ meeting No. 3/2023 for bonds No. STARK245A, STARK255A and STARK242A by bondholders’ representatives on June 23, 2023 will consider approving the resolution on the event of default. expected to occur in the future Both the cross default, the delay in submitting the financial statements for the first quarter of the year 2023, including in the event that the company has already submitted the financial statements. But the company’s financial statements show that The Company was unable to maintain the net interest-bearing debt to equity ratio as specified in the terms and conditions.
The Company lays down the guidelines for holding the bondholders as follows:
exemption agenda or not except for the event of default
In the event that the bondholders pass a resolution not waiving the event of default as proposed in any agenda, if there is an event of default Bondholders shall have the right under the terms and conditions to claim damages (via bondholders’ representatives) if it is proved that the damages were caused by default. Related or have the right to call for all debts under the debentures to be paid immediately
In the event that the bondholders pass a resolution waiving the event of default as proposed in any agenda It is assumed that the event of default has never happened. and the debenture holder cannot claim the debenture issuer on the same grounds again. Unless the right is reserved, the bondholders agree to waive the event of default, the Company will still be obliged according to the relevant law to complete the submission of the financial statements for the first quarter of 2023. In addition, the rights of bondholders to receive and the duty of the debenture issuer to pay the principal And the interest under the debentures will remain the same.
Agenda to determine or not to specify conditions for exemption of default
In the event that the bondholders resolve to stipulate the conditions of the proposed default exemption, the bondholders’ representative will submit a letter requesting the Company to provide collateral to the bondholders. and follow up on relevant actions In the event that the company fails to notify or is unable to provide collateral in the amount and within the specified time, it will be deemed that there is no waiver of default and the bondholders’ representative will promptly demand payment of debt.
In the event that the bondholders pass a resolution not to impose conditions on the proposed waiver of default, it will be deemed that such waiver is unconditionally waived.
Agenda Debenture holders resolved to call Or do not call for all debts to be paid immediately
In the event that the bondholders pass a resolution calling for all debts to be immediately due Debenture holders will have the right to request the debenture issuer to make full payment of the principal. together with the interest which Calculation until the payment due date promptly According to the letter calling for immediate repayment that the bondholders’ representative will send to the bondholders within 5 business days from the date on which the bondholders’ meeting resolves.
In the event that the bondholders resolve not to call for all debts to be immediately due Although the event of default still exists because the bondholders’ meeting did not pass a resolution waiving the event of default, but the bondholders’ meeting resolved not to call for all debts to be immediately due for this reason. The resolution is binding on all debenture holders who will not call for the debt to be immediately due for the same reason again. Unless the bondholders’ meeting has stipulated otherwise. In addition, the resolution not to call for all debts to be immediately due is not an exception to the event of default. or cancel the duty to comply with the law of the bond issuer
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