Clover Power Public Company Limited (SET: CV) announced that it filed a petition for business rehabilitation with the Central Bankruptcy Court on 30 September 2025, following approval by the Board of Directors on 29 September 2025. The Company is acting as both debtor and petitioner and has proposed to serve as its own rehabilitation planner under the Bankruptcy Act, B.E. 2483 (1940).
Importantly, CV emphasized that it continues to maintain positive shareholders’ equity and that its liabilities do not exceed its assets. The primary objective of the rehabilitation is to realign debt repayment schedules with the company’s cash flow and funding sources, thereby ensuring its ability to meet obligations on a sustainable basis.
Preliminary Rehabilitation Strategies
1) Debt Restructuring – Negotiating revised repayment terms and extensions with creditors.
2) Asset and Fund Utilization – Using cash flow from subsidiary power plants to repay debts and disposing of non-core or non-revenue-generating assets.
3) Efficiency Measures – Dissolving inactive subsidiaries to reduce costs and improve flexibility.
4) Capital Enhancement – Collecting debts owed to the Company and exploring opportunities to increase capital or obtain investor funding to accelerate repayment.
The announcement came after several bondholders on Monday filed a complaint on Clover Power to the Securities and Exchange Commission (SEC) in Thailand. The core issue revolves around allegations that CV misused funds raised from three bond offerings, totalling over 883 million baht, by allegedly diverting them into unspecified and potentially illegal related-party transactions. Specifically, the bondholders are demanding an investigation into substantial pre-payments or deposits made for three failed transactions—the purchase of Fernview Environmental, the acquisition of a stake in Westech Exponential (WTX), and an investment in Livebox (LB)—with claims that these payments violated securities laws and governance rules by failing to obtain proper shareholder approval or Independent Financial Advisor (IFA) reports.
The complainants are also seeking accountability from the former board, audit committee, and auditors for their oversight of these transactions, while the SEC confirmed it is actively gathering evidence on the matter.
