Picnic in rehabilitation process

The Central Bankruptcy Court on Monday agreed to let Picnic Corporation Plc to undergo the rehabilitation process, following the absence of protest from major creditors.

The first testimony is scheduled during June 25-30.

Major creditors, owning 95 per cent of the combined loans of Bt6.2 billion, did not object the company's plan. Eight creditors including Finansa Asset Management and Aberdeen Asset Management which own Bt300 million of debts or 5 per cent opposed the plan. Krung Thai Bank is the largest creditor of the company.

Silom Planner is appointed as the plan administrator.

The rehabilitation is proposed as the company has troubles financing the debt burden, despite sufficient cashflows. Financial institutions have refused to lend new loans with negative equity, the company has troubles in reaching an agreement with a potential partner.

- The Nation

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Picnic in rehabilitation process

The Central Bankruptcy Court on Monday agreed to let Picnic Corporation Plc to undergo the rehabilitation process, following the absence of protest from major creditors.

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