News Detail

Date/Time
30 Aug 2018 21:21:00
Headline
Information concerning Filing the Petition of the Creditor for Reorganization to the Central Bankruptcy Court, as per the request from the Stock Exchange of Thailand
Symbol
IFEC
Source
IFEC
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Subject                                  : Clarification of news or information 
requested by SET
Description                              :
No. IFEC/SorNorBor/2018/0038
August 30, 2018

Subject    Information concerning Filing the Petition of the Creditor for 
Reorganization to the Central Bankruptcy Court, as per the request from the
Stock Exchange of Thailand
To    President of the Stock Exchange of Thailand

    With reference to Inter Far East Energy Corporation Public Company Limited 
("Company") has been asked from the Stock Exchange of Thailand for clarification
the case that the creditor has processed filing the petition for reorganization
 to the Central Bankruptcy Court, the explanations are as follow:
    1) Please clarify the information of the creditor, who has filed the petition 
for reorganization, including the creditor's name, the amount of company's
liability to the creditor, the time and the method of being the creditor.  In
case that it is the debt transferred, please identify the transferor's name
along with the relationship between both the creditor and the transferor and the
 company, shareholders, boards and both previous and current directors (if any).
    According to all details in the petition for reorganization dated on August 25,
2018, Mrs.Somsri Jeerawipoonwan is the creditor who has filed the petition with
the debt amount of 10 million baht. The debt had been transferred from the
former shareholder rightly by completely making a settlement and receiving
debenture certificate, specifying the holder and also endorsed by the former
holder. In addition, the company will check the right of claiming as a creditor
again. However, as for the question regarding the relationship between the
creditor and the company, shareholders, boards and directors, the company has to
inform that we are very sorry that we have no right to implicate anyone in this
 issue.
    2)  Please clarify the subject matter of the petition for reorganization, for 
example, the date and the reason of filing the petition, the reason of the debt,
the method of reorganization and also the name of a person who make a
reorganization plan (if any). If any, please specify the relationship between
the planner and both the creditor and the company.
    According to all details in the petition for reorganization dated on August 25,
 2018, we can explain the questions as follow:
    The creditor has filed the petition for reorganization on August 16, 2018. The 
reason of filing the petition is the due debt of the company is increasing while
the asset value is decreasing. This then bring about to the result that the
company has more debts than assets and cannot make a settlement on the due date,
and the company will not be able to make a payment if it is not in the
reorganization process with the court. And the main details of method for
reorganization are mentioned the business still can be continuously operated and
the tendency for expansion the business seems higher such as waste disposal
business and the hotel and real estate industries which is the business of Dhara
Dhevi Company, Chiang Mai, which the company has an opportunity to expand
investment base, to produce sustainable business' income and to make the great
benefits for the shareholders. Accordingly, the company will be recovered if
being able to restructuring the debt and possessing enough revolving fund to
serve the need of the market by multiplying the projects of generating
electricity from renewable energy, real estate industries, etc. As the creditor
who is the petitioner has nominated Mr. Suphanan Rittiphairoj who is Director
and Chief Executive Officer of the company for being a planner of
Reorganization.
    3) According to 2016 financial statement which is the latest financial 
statement of IFEC, revealed to the Stock Exchange of Thailand on August 28,
2017, it shows that the amount of total assets is 12,630 million baht, the
amount of total debt is 9,344 million baht and the amount in a part of
shareholders is 3,227 million baht. Please clarify the financial statement and
the performance in the present of the company to show whether the company is in
insolvency status.
    The company would like to confirm that 2016 financial statement is the latest 
financial statement revealed to the Stock Exchange of Thailand. As for 2017 and
2018 financial statements, they are on the process and are not audited by the
auditors.
    4) Please clarify the method and the duration of process with the court after 
being filed a petition for reorganization
    According to the notice of the Black Case No. For.14/2018 from the Central 
Bankruptcy Court stating that the company has been filed the petition for
reorganization, the court has made the appointment for hearing an evidence on
October 29, 2018, at 9.00 a.m. and also ordered the company to submit the list
of all assets and debts including the creditors' names and addresses to the
court before the date of hearing. The information mentioned above is the method
and the duration of current process executed by the company.
    However, the company will consider the law process of reorganization based on 
the highest benefits of the company, shareholders and all creditors.
     If there is any further information regarding the issue above, the company 
will immediately disclose the information to the Stock Exchange of Thailand.
    Please be informed accordingly.


                         Signature ___________________________
                                    ( Mr.Suphanan Rittiphairoj )
                                    Chief Executive Officer
                         Authorized to sign on behalf of the company

______________________________________________________________________
This announcement was prepared and disseminated by listed company or issuer 
through the electronic system which is provided for the purpose of dissemination
of the information and related documents of listed company or issuer to the
Stock Exchange of Thailand only.  The Stock Exchange of Thailand has   no
responsibility for the correctness and completeness of any statements, figures,
reports or opinions contained in this announcement, and has no liability for any
losses and damages in any cases.  In case you have any inquiries or
clarification regarding this announcement, please directly contact listed
company or issuer who made this announcement.