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Published on January 16, 2008

"The creditors have continually detained and seized the company's assets which affect the company's operations and liquidity. The detained and seized assets include cash, common shares of Enesol and common shares of World Gas (Thailand)," managing director Suthep Akkawuttikrai said yesterday.

The Stock Exchange of Thailand (SET) extended Picnic stock's trading suspension as the company reported negative shareholder equity in its unaudited financial statements for last year of Bt1.26 billion.

Suthep said the court would on March 17 consider the company's petition to enter the debt-restructuring process.

 The company said it had sunk into negative net worth from continuous operating losses and a decline in total assets from having to transfer its stake in World Gas (Thailand) to its creditor.

Picnic said the company's audited 2007 financial statements were due to be submitted to the SET on February 29.

Earlier Picnic's creditors - Aberdeen Asset Management and Finansa Asset Management in particular - were reportedly seizing Picnic's stockholdings, including shares of its subsidiaries and affiliates.

SET president Patareeya Benjapholchai said the SET would consider Picnic's rehabilitation plan before letting its stock resume trading for a while to give retail investors a chance to unload shares. The stock will be moved to the non-performing group if the company cannot improve its financial position within two years, as prescribed by the SET's delisting process.

The cooking-gas manufacturer has become shapeless since it failed to service bills of exchange issued a few years ago.

Siriporn Chanjindamanee

The Nation