TPC Power Holding Public Company Limited, or TPCH, has announced that the Central Bankruptcy Court has dismissed the petition for business rehabilitation of Thai Polycons Public Company Limited, or TPOLY, which was filed by TPCH. The court ruled that there were no reasonable grounds or channels for rehabilitation under Section 90/6 of the Bankruptcy Act B.E. 2483. However, TPCH still believes that rehabilitation is the most appropriate approach to restructure TPOLY's debts and systematically resolve its financial problems, as it would allow the debtor to continue operations, preserve its revenue-generating capacity and business value, and increase the chances of fair repayment to TPCH and unsecured creditors. Currently, TPCH is considering appropriate courses of action, including preparing to exercise relevant legal rights. Mr. Cherdsak Wattanawijitkul, Chief Executive Officer, stated that the company will prioritize the interests of the company, creditors, and all stakeholders, and will update the Stock Exchange of Thailand on progress in accordance with regulations.
TPC Power Holding Public Company LimitedCourt dismissed TPCH's rehabilitation petition for TPOLY, forcing TPCH to pursue legal action to recover its debts.
Thai Polycons Public Company LimitedCentral Bankruptcy Court dismissed the rehabilitation petition, leaving TPOLY's debt restructuring unresolved.
