New Nordic Thailand: Update JULY 22

Ruling on New Nordic Development Co. Ltd. rehabilitation application in Thailand

This morning of 27 July 2022, the Central Bankruptcy Court of Thailand refused the application of New Nordic Development Co Ltd to enter Business Reorganisation under Section 90 of the Bankruptcy Act, reasoning that there was insufficient prospect of the business of NND recovering. NND management was not expecting such an outcome. However, it means NND will return to its state prior to the application and will continue as “business as usual”. At this time, we wait to receive the full transcript of the judgement and once received will discuss this with our legal advisors to determine what options are available to the company, including a right to appeal the judgement. It is our intention to continue to seek the best outcome for customers and we will be reviewing what options are available to the company to do this, after which we will select the preferred path. This review process will start immediately and we will advise customers further as soon as possible.

Please refer to separate newsletters for updates on other companies.