JKN Global Group has submitted a revised notification letter of directors’ resignations to the Thai Stock Exchange, as two of the directors stated that they were not invited to the meeting that led to the decision of the business rehabilitation plan.
The Miss Universe Organizer and CNBC’s licenced producer for business and investment news in Thailand, JKN Global Group Public Company Limited (SET: JKN), notified Stock Exchange of Thailand in the morning of November 15, 2023, on the resignations of its five directors.
However, a revised version of the letter was submitted late night of the same day, adding further reasons for the resignations for two of its directors.
Mr. Yuthapong Ma originally stated his reason for departure was due to the company’s policy and liquidity management that are uncertain in future business.
The revised version added further reason that Mr. Yuthapong Ma was not invited to attend the Board of Directors’ meeting No. 10/2023 on November 7, 2023, where it was resolved that the company submit a request for rehabilitation with the Central Bankruptcy Court and he has concern the company’s policy and liquidity management that are uncertain in future business.
Mr. Akepisith Suttikulpanich, another director that submitted a resignation letter yesterday, also had the same reason for his departure.
Upon the research, it was found that Mr. Yuthapong Ma and Mr. Akepisith Suttikulpanich are representatives for Morgan Stanley, which is a creditor for JKN’s convertible debentures of more than a billion baht in value.
JKN is in the middle of its own crisis over its pile of debt owed to its debenture holders, leading to a prompt decision to file a petition to the Bankruptcy Court, which basically put the company on an automatic stay, preventing creditors to call default on the company.
This could lead to a failure in the attempt for rehabilitation due to the representatives of creditors not acknowledging the plan.
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