NEW NORDIC DEVELOPMENT SEPTEMBER 22 | THE STATUS OF OUR PETITIONS
To: All New Nordic Development Co Ltd Customers
We wish to update all customers of the status of our petition to the Appeal Court in respect of the Central Bankruptcy Court decision to refuse NND’s petition for the business reorganisation of NND.
Our lawyers have applied for and received further leave from the Court to submit the appeal within 27 October 2022 as the preparation of the appeal is still in progress. We do not anticipate that there will be any further extension sought and that the petition will be lodged within that time.
We have been encouraged by the gradual return of tourists to Thailand despite the ever-changing global financial and political situations. In 2022, tourists are predicted to more than double those in 2021, reaching 6-10 million, and it is expected to double again next year. Of particular note is that whilst the previous major source of tourists, being China, remains constrained it is rapidly being enhanced by an emerging tourist market from India.
We remain confident that with a successful Plan of Business Reorganisation executed either through the Court or outside with the support of customers, there is ample scope for NND to recover financially and be a force in the tourism industry in the future.
We confirm once again that this would not be possible without the support of our customers, for which support we are highly appreciative and thankful.
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