JKN Jumps 29% after the Bankruptcy Court Approves Rehabilitation Plan

At the end of the morning session on Tuesday, the share price of JKN Global Group Public Company Limited (SET: JKN) rose 29.17% or THB 0.14 to THB 0.62, with a trading value of THB 39.02 million.

The rise in JKN share price came after the company announced via the Stock Exchange of Thailand (SET) that the Central Bankruptcy Court had issued an order for the rehabilitation of the company (debtor) under Section 90/10 of the Bankruptcy Act and instructed the Receiver to convene a creditors’ meeting promptly to determine the plan preparer.

During the plan preparer appointment process, the company (debtor)’s executive was appointed as the interim executives charged with the powers and duties to carry out further management of the debtor’s business and property under the supervision of the Receiver until the appointment of the plan preparer is made under Section 90/20 of the Bankruptcy Act. Fees shall not be returned.

As a result of the court’s order, the powers and duties of the company (debtor)’s executives in the management of business and property shall terminate according to Section 90/20 of the Bankruptcy Act, and, all rights under the law of the company (debtor)’s shareholders shall terminate, save for the right to receive dividends, and such rights shall vest in the interim executive until appointment of the plan preparer is made according to Section 90/21 of the Bankruptcy Act. Consequently, the company is not required to hold the Annual General Meeting of shareholders for the year 2024.