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New Nordic Development – Court Update as of 29 October 2021

Dear Client,

• This newsletter is initially being sent in ENGLISH, but we will follow up with French and Russian shortly
• Cette newsletter est initialement envoyée en ANGLAIS mais nous ferons un suivi en français et en russe sous peu
• Этот информационный бюллетень изначально рассылается на АНГЛИЙСКОМ языке, но вскоре мы свяжемся с ним на французском и русском языках.

On 29 October a preliminary hearing of the New Nordic Development Co., Ltd (NND) application for rehabilitation was held at the Central Bankruptcy Court in Bangkok. In attendance were NND directors and counsel as well as several lawyers representing creditors.

The court ordered that they would set 25 February 2022 to clarify any issues related to creditor concerns and will consider arguments for and against the rehabilitation at the next opportunity, setting 10 days in May 2022 for these hearings.

A copy of the court announcement can be read here

Ms Siripoom Boonmamung said “we will continue to work to preserve the value of the various properties for our clients and work on any legal issues which could delay us returning to full business operations after our rehabilitation application is approved. Whilst disappointed with the delay I am confident the court will correctly and fully review all creditors concerns and will support our application to rehabilitate NND.”

Mr Don McBain, as Non-Executive Director also commented that “whilst New Nordic Development is obliged to abide by due process of the Court and the law governing business reorganization, it is now even more urgent we work with the company’s creditors and advisors to develop a viable plan for the future. I have commenced work on developing that plan and notwithstanding the time required to formally enter business reorganization and the plan’s complexities, I look forward to sharing this with all creditors as soon as possible. I must add that I am concerned at the amount of misinformation that continues to be distributed about business reorganization and I urge all persons involved to contact directly with the company about any issue and to ensure that they take advice only from persons qualified to do so.”

NND is working on a webinar and a series of updates for all creditors to better explain the process and the situation. These actions were delayed pending this hearing and will now be launched in early November.

If you have any questions or concerns you can always contact us through the creditor portal

As always, we wish you good health and safety during these challenging times.

New Nordic Restructuring Team

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