Thailand’s Inter Far East defaults on debentures due November 2017

By Marisa Wong

Morgantown, W.Va., Nov. 6 – Inter Far East Energy Corp. PCL was unable to repay its 3 billion baht debentures at their maturity on Nov. 5, 2017.

The company said it already made a partial payment of the interest due, in the amount of 4,083,289.38 baht on Aug. 7, but that the rest has not been paid.

The company said it had proposed a debt restructuring plan and scheduled a meeting for Aug. 8, but the meeting could not be held.

The company said it is now in the process of solving the delayed payment issue and will notify debentureholders about the debt restructuring plan at a later time.

The company has also been unable to hold a board of directors meeting. According to a notice, the Securities and Exchange Commission of Thailand had decommissioned the company’s chairman, Wichai Thavornwattanayong, on Sept. 5. The company consequently called for an urgent board of directors’ meeting but could not actually hold the meeting, because the SEC of Thailand gave notice that the meeting would be against regulations without the chairman of the board in attendance.

The electric power distribution company is based in Bangkok.

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