Thailand Securities and Exchange Commission urges Energy Absolute bondholders to assess 17 October vote on event-of-default waivers tied to THB 20 billion refinancing talks

The Thailand Securities and Exchange Commission published a supervisory notice urging holders of Energy Absolute Public Company Limited’s 13 bond series to review all available information and exercise their rights at a bondholders’ meeting on 17 October 2025, including by seeking further details from the issuer and bondholders’ representatives before voting. The meeting, to be held in hybrid format, will consider waivers covering (i) the issuer’s closing of the bondholder register more than 14 days before the meeting for all 13 series and (ii) an exemption from an event of default for 11 series to allow negotiations with creditors, including banks and bondholders, to postpone or modify debt repayment schedules and enter related agreements from approval until December 2025. The issuer disclosed that bondholders of the 11 series had previously approved a debt restructuring plan conditional on completion of relevant actions by September 2025, but bank negotiations were not completed within that timeframe, potentially triggering an event of default, and negotiations were temporarily suspended on 1 October 2025; the issuer also cited an approximately THB 20 billion loan offer and bank conditions including allocating THB 3 billion for bond redemption and reserving THB 3 billion as liquidity. The SEC directed bondholders’ representatives to analyze benefits, shortcomings, and potential impacts of approving or rejecting the proposals and encouraged bondholders to review that analysis before voting.