Thailand Securities and Exchange Commission urges holders of six Sahakol Equipment bonds to review event of default waiver proposals ahead of 29 August meeting

The Thailand Securities and Exchange Commission issued a supervisory reminder to holders of six Sahakol Equipment Public Company Limited (SQ) bond series to study all available information and exercise their rights at the upcoming bondholders’ meetings, including by contacting the issuer or the bondholders’ representatives to obtain sufficient details before voting. SQ will hold Bondholders’ Meeting No. 1/2025 for SQ 266 A, SQ 275 A and SQ 285 A, and Bondholders’ Meeting No. 2/2025 for SQ 256 A, SQ 25 NA and SQ 25 NB, on 29 August 2025 at 14:00 via electronic media. Matters for consideration include granting exemptions from events of default related to (i) a proposal to postpone maturity dates and revise repayment terms for bond principal of THB 550 million, and (ii) an amendment to a THB 300 million loan agreement with an unrelated party extending repayment until 14 January 2027, which may constitute a debt restructuring deferral with total debt exceeding THB 700 million. Bondholders will also consider granting an exemption and approving the cancellation of all outstanding bond debts that have not yet matured becoming immediately due and payable under notices requiring the issuer to remedy the event of default by 30 August 2025, including cancelling actions taken by the bondholders’ representatives related to that event of default. The SEC required the bondholders’ representatives to analyse the benefits, shortcomings and potential impacts on bondholders of approving or rejecting the proposals, with supporting reasons and the representatives’ opinions, and encouraged bondholders to review the analysis and make necessary inquiries before voting.