Clover Power Public Company Limited (SET: CV) announced that the Central Bankruptcy Court has dismissed its business rehabilitation petition, effectively terminating the formal rehabilitation process. The court issued the dismissal order on 6 October 2025, citing insufficient and unclear details supporting the necessity and feasibility of the proposed rehabilitation plan.
The petition was originally filed on 30 September 2025 and approved by the Company’s Board a day earlier. Following the court’s decision, Chief Executive Officer Mr. Saithsiri Saksitthisereekul stated that Clover Power will immediately pivot to a direct debt restructuring approach, engaging creditors through negotiated settlements.
To secure liquidity for debt repayment, Clover Power has outlined a multi-faceted fundraising plan combining asset recovery, disposals, and new capital raising.
- Fernview Share Recovery: The Company plans to enforce its pledge on Fernview Environmental Pty Ltd. shares held by M8 Holding Co., Ltd. (M8H) and expects to recover approximately THB 237 million, excluding accrued interest of 15% per annum.
- Expedite the commencement of operations for all power plants.
- Power Plant Sales: Selected power plants will be sold to repay debt, with expected net proceeds of THB 240–330 million after mortgage repayment.
- Non-Core Asset Sales: The disposal of non-core assets is anticipated to generate THB 100–160 million net of related liabilities.
- Rights Offering: The Company plans to issue new shares via a rights offering, targeting no less than THB 300 million, pending shareholder approval. The offering process is expected to conclude by 31 January 2026.
- Strategic Partner Investment: Should the rights offering fall short, Clover Power will seek equity participation from strategic investors.
- Clover Power is pursuing legal claims related to its investment in West Tech Exponential Co., Ltd., with the process expected to conclude by 31 December 2025.
The Company reaffirmed its commitment to fully repay all three series of debentures by 24 March 2026, primarily using proceeds from the Fernview recovery, power plant sales, and non-core asset disposals. Should funds be realised earlier than expected, Clover Power will immediately allocate them toward interest payments and principal repayments in order of maturity.
Clover Power stated that it will continue to disclose timely updates on the progress of each action item as it transitions from court-supervised rehabilitation to a creditor-driven restructuring plan.
