2024-01-07 13:59:12
Reporters reported that There is news in the world of social media thatItalian-Thai Development Public Company Limited or ITD that he is prepared to send a letter to the bondholder creditors requesting to postpone the payment of the principal of all bonds for another 2 years, but along the way interest will still be paid as usual
There is also news that ITD will send a letter notifying details of the postponement of debt payments to bondholders on January 8, 2024, which bondholders will be informed of the details. Especially the batch that is regarding to mature on February 15, 2024, with the total ITD bond debt exceeding 14.5 billion.
As for ITD’s bonds, there are currently 5 series with a total value of 14,455 million baht, divided into 3 series of bonds due this year:
Model ITD242A due February 15, 2024, value 2,000 million baht.
Model ITD242DA due 4 Dec. 2024, value 2,455 million baht.
Model ITD24DB due 4 Dec. 2024, value 1,215 million baht.
Model ITD254A due 29 April 2025, value 6,000 million baht.
Model ITD266A due 2 June 2025, value 2,785 million baht.
However, if the issue is mentioned in this case, the creditor will consider it as defaulting on debt payment. This may have a continuing effect on loans from commercial banks, which ITD currently has over 25 billion baht, which may become bad debt (NPL).
As for the news that there is concern that ITD will ask for a postponement of debt repayment following starting to signal that there may not be money to repay the interest on the bonds. which was due to be paid on December 4, 2023, causing relevant commercial banks to urgently come to help, thus narrowly escaping the Default.
A major problem of ITD in the past is that many investment projects have gone wrong. The entire project did not go according to plan. and projects that are later than planned Due to the clarity of the government sector and the situation is not desired Until affecting the liquidity of the company
Whether it is investing in the Dawei project Dawei Special Economic Zone in Myanmar, with a total value of more than 8 billion baht, to the high-speed rail construction project connecting 3 airports, worth nearly 4 billion baht, with ITD not having returned from these projects at all.
In addition, there are problems with the pipeline budget and the disbursement of budget from the government sector that ITD has hired to receive work has been delayed. Therefore making ITD’s liquidity more tight.
Meanwhile, ITD’s financial statements for the past 5 years showed a continuous net loss, except for the 9 months of 2023, which had a net profit of approximately 379 million baht, partly due to the sale of assets, making the budget look good and profitable. In 2022, there was a net loss of 4,759 million baht, 2021 a net loss of 155 million baht, 2020 a net loss of 1,104 million baht, and 2019 a net loss of 37.34 million baht.
In addition, ITD’s liquidity is facing serious problems. It has current liabilities of approximately 71 billion baht, while current assets of approximately 64.5 billion baht.
It has bond debt due in February 2024 of approximately 2 billion baht and long-term debt that is scheduled to be repaid within one year of approximately 16 billion baht.
Meanwhile, assets include cash and cash equivalents of 4 billion baht, deposits at financial institutions with usage-circulation restrictions of 781 million baht, and short-term investments in debt instruments of another 514 million baht.
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