The Thailand Securities and Exchange Commission published an investor alert urging bondholders in six Sahakol Equipment Public Company Limited (SQ) bond series to review all available information and exercise their rights at a bondholders’ meeting on 17 October 2025. The meeting will vote on proposed changes tied to the company’s debt restructuring, including waivers and reversals of default-related actions, maturity extensions, revised repayment structures, higher interest rates and new security and covenant arrangements. For SQ25NA and SQ25NB, bondholders will consider revoking a 24 September 2025 bondholders’ resolution that granted an exemption from an event of default linked to debt restructuring actions over a one-year period. For SQ256A, SQ266A, SQ275A and SQ285A, proposals include exempting an event of default related to restructuring negotiations up to the approval time, and revoking acceleration of outstanding unmatured bonds alongside cancelling related representative actions, default interest claims and enforcement steps. For SQ25NA, SQ25NB, SQ266A, SQ275A and SQ285A, proposals include extending maturities by between one year and two years and nine months, splitting principal into instalments with specified percentage tranches, and exempting a cross default tied to notices demanding immediate repayment by 3 October 2025 with an aggregate amount exceeding THB 700 million. Across all six series, proposed amendments include higher coupons during the extended periods, adding or aligning issuer call options, requiring a designated reserve deposit account with sole withdrawal authority for the bondholders’ representative, and registering security over the deposit account and a mortgage over land and buildings within 14 days for SQ266A and within 30 days for the other series, plus a further exemption covering actions described in meeting materials up to approval. The SEC also required bondholders’ representatives to analyse the benefits, shortcomings and potential impacts of approving or rejecting the proposals with supporting reasons, and encouraged bondholders to seek comprehensive information from the issuer and representatives before voting at the hybrid-format meeting.
Thailand Securities & Exchange Commission 2025-10-15
Thailand Securities and Exchange Commission urges SQ bondholders to scrutinise proposed maturity extensions, interest increases and collateral changes ahead of 17 October vote
The Thailand Securities and Exchange Commission issued an alert for bondholders of six Sahakol Equipment Public Company Limited bond series, urging them to review information and exercise their rights at a meeting on 17 October 2025. The meeting will address proposed changes related to debt restructuring, including maturity extensions, revised repayment structures, and higher interest rates. Bondholders are advised to seek comprehensive information and consider the implications before voting.