30 Aug 2018 21:21:00
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
SET requests to clarify news or information 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.