2023-06-21 15:22:33
Stark Corporation Public Company Limited or STARK Informed through the Stock Exchange of Thailand (SET) that according to the company Has issued debentures consisting of 1) Stark Corporation Public Company Limited Debentures No. 1/2022 Series 2 Due 2024 (STARK245A) 2) Stark Corporation Public Company Limited Debentures C Corporation Public Company Limited No. 1/2022 Series 3 Due 2025 (STARK255A) and 3) Stark Corporation Company Limited Debentures ( Public Company Limited No. 2/2022 due in 2022 2024 (STARK242A), which has not yet been redeemed. The Company would like to clarify the call to repay the principal and accrued interest of the debentures No. STARK245A, STARK255A and STARK242A and the cancellation of the bondholders’ meeting No. 3/2023 on June 23, 2023 as follows:
1.Report Information on Calls for Payment of Principal and Accrued Interest of Bonds No. STARK245A, STARK255A and STARK242A. Public Company Limited No. 1/2021 Series 1 due 2023 (STARK239A) and (b) Stark Corporation Public Company Limited debentures. No. 1/2021, tranche 2 due for redemption in 2024 (STARK249A) in the total amount of 18,130,297.01 baht, which was due on June 2, 2023.
This is because the company has shareholders’ equity of the company as shown in the consolidated financial statements for the year 2022. (ended December 31, 2022) in a negative amount of approximately 4,403 million baht. The default on the interest payment of the debentures No. STARK239A and STARK249A with a combined amount of more than 3 percent of such shareholders’ equity. It is considered an event of default under Clause 10.1(d) of the Terms and Conditions as follows: The bondholders’ representative therefore issued a letter dated June 20, 2023, calling for payment of all principal and interest under the debenture numbers STARK245A, STARK255A and STARK242A (a letter calling for immediate repayment).
The debenture holders’ representative exercised the rights under Clause 10.3 of the Terms and Conditions to demand that the Company repay the outstanding principal amount of Baht 6,957.40 million with all accrued interest calculated until the date that the Company has fully repaid the debentures within July 20, 2023.
In addition, if the company fails to pay such debt within the period specified in the letter calling for repayment immediately, the bondholders’ representative can exercise the legal right to request the company to pay all outstanding debt under the bonds. and claim for damages from non-compliance with the said terms and conditions
2. Cancellation of bondholders’ meeting No. 3/2023 for bonds no. STARK245A, STARK255A and STARK242A by bondholders’ representatives because the debenture holders’ representative exercised the right to promptly repay the debt The bondholders’ representative therefore canceled the bondholders’ meeting No. 3/2023 for bond numbers STARK245A, STARK255A and STARK242A, which had been scheduled to be held on June 23, 2023 at 2:00 p.m.
for action guidelines because other financial creditors In addition to bondholders, they may exercise the right to claim all debts in the same way. However, the company is not indifferent. And is considering communicating, negotiating and finding a solution with such creditors in order for creditors to refrain from exercising such rights. But still unable to conclude the debt balance that may be exercised in the same way Due to the sudden call for repayment of the debentures No. STARK245A, STARK255A and STARK242A has just happened.
This is to prevent the occurrence of disadvantages between financial creditors. and various creditors of the company. The company is negotiating with all major financial creditors. to understand the situation of the company in order to prevent other creditors use the same rights
At the same time, the company considers the risks arising from any action. That may be considered discriminatory and gives an advantage to any group of creditors. over other creditors Therefore, the Company considers that it must be especially careful in paying debts to any specific group of creditors because it may be revoked by other groups of creditors or negatively affects the negotiations with other groups of creditors. Therefore, it should wait for the results of the negotiations to end on whether to manage the debt repayment to the debenture creditors and other groups. how, equally before making any payment
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