The Thailand Securities and Exchange Commission (SEC) published a notice urging holders of Energy Absolute Public Company Limited’s EA257A bonds to study all available information, seek additional details from the issuer and the bondholders’ representative, and exercise their rights at the bondholders’ meeting on 18 July 2025. The meeting will vote on exemptions related to the issuer’s non-compliance with meeting convening terms, including not closing the bondholder register and calling the meeting less than seven days before the meeting date. Bondholders will also consider an exemption from an event of default in connection with proposed debt restructuring measures, including maturity extensions, a call option, changes to interest rates, and partial principal repayments that defer debt payment schedules. If the event-of-default exemption is approved, a revised restructuring proposal would be considered that reduces the proposed maturity extension from seven years to five years and sets principal repayment in five annual installments, with 10 percent in each of the first four installments and 60 percent in the fifth. The SEC requires the bondholders’ representative to analyse benefits, shortcomings, and potential impacts on bondholders under both approval and non-approval scenarios, with supporting reasons and the representative’s opinion, to inform voting at the meeting.
Thailand Securities & Exchange Commission 2025-07-16
Thailand Securities and Exchange Commission urges EA257A bondholders to review information and vote on Energy Absolute restructuring proposals
The Thailand SEC advises holders of Energy Absolute’s EA257A bonds to review information and attend the bondholders’ meeting on 18 July 2025. The meeting will address non-compliance exemptions and consider a debt restructuring proposal, including maturity extensions and interest rate changes. The SEC mandates the bondholders’ representative to evaluate the proposal's implications to guide voting decisions.