The Thailand Securities and Exchange Commission published a supervisory notice urging holders of Cho Thavee Public Company Limited’s CHO212A, CHO210A, CHO228A and CHO229A bonds to review all available information and exercise their rights at the electronic bondholders’ meeting on 1 April 2025, where the issuer is seeking approvals for multiple waivers and amendments linked to covenant breaches, interest arrears and changes to repayment terms. Items for vote include exemptions from events of default relating to a breach of the Interest-Bearing Debt to Equity Ratio covenant (not exceeding 5:1 as of 31 December 2024) and cancellation of that covenant, plus (for CHO212A and CHO210A) an exemption from an event of default triggered by default on other debt obligations exceeding THB 300 million. For CHO228A and CHO229A, proposals include an exemption from default tied to entering debt restructuring negotiations and seeking bondholder approval for a two-year maturity extension that defers or modifies the repayment schedule. The agenda also covers a waiver for failure to pay interest due on 17 March 2025 with a new payment date of 30 April 2025 and cancellation of immediate maturity and default interest, a two-year extension of maturity with a new maturity date of 15 June 2027, and a partial interest payment at 5.0 percent per year with remaining interest deferred from 15 June 2025 and payable at maturity or early redemption (noting stated rates of 7.75 percent per year for CHO212A and CHO210A, and 7.25 percent per year for CHO228A and CHO229A). The SEC required the bondholders’ representatives to analyse the benefits, shortcomings and potential impacts on bondholders under both approval and rejection scenarios, with supporting reasons and the representatives’ opinions, and encouraged investors to obtain comprehensive information from the issuer or the representatives before voting.

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