JKN’s Debenture Holders in Dilemma after Bankruptcy Court Grants Temporary Protection on All Debts

JKN Global Group Public Company Limited (SET: JKN) stated that as the company has filed a petition for business rehabilitation with the Central Bankruptcy Court under the Bankruptcy Act B.E. 2483 (1940) (as amended) (the Bankruptcy Act) on November, 8 2023, the Central Bankruptcy Court has subsequently issued an order to accept the petition for business rehabilitation of the company on November 9, 2023. The Central Bankruptcy Court has scheduled a hearing to consider the business rehabilitation request on January 29, 2024.

As a result, all debts of the company have been placed under an automatic stay condition in accordance with Section 90/12 of the Bankruptcy Act, which includes a suspension of principal and interest payments on all series of debentures issued by the company, unless the Central Bankruptcy Court orders otherwise. The company hereby cancel the debenture holders meetings for JKN243A, JKN246A, JKN24OA, JKN24NA, JKN252A and JKN255A, which were summoned with an intent to request for a waiver from the breach of the terms and conditions of the rights of debentures, originally scheduled on December 8, 2023.

The company received letters from Daol Securities (Thailand) Public Company Limited on November 9, 2023 and from Asia Plus Securities Public Company Limited on November 10, 2023, requesting payment of principals and interest on all the company’s debentures, including JKN 243A, JKN24OA, JKN24NA, JKN252A, JKN255A, JKN239A and JKN246A. The company has accordingly responded to Daol Securities (Thailand) Public Company Limited and Asia Plus Securities Company Limited to inform them of the progress of the company’s rehabilitation and the automatic stay condition, which includes the aforementioned cancellation of the debenture holders meeting originally scheduled on December 8, 2023.

In addition, the company places a strong emphasis on communication with creditors, including debenture holders’ representatives and debenture holders. The company has consistently cooperated in providing relevant information regarding the company’s rehabilitation process upon requests from the debenture underwriters. To facilitate ease of communication, the company has designated points of contact to serve as central communication channels for the debenture holders’ inquiries regarding the company’s rehabilitation process, being Mr. Ekachai (Telephone No. 093-816-9085), Mr. Putthikrit (Telephone No. 093-816-9096) or Ms. Suphannika (Telephone No. 093-816-9098).