NEW NORDIC DEVELOPMENT AUGUST 22 | Update on work to prepare appeal

To: All New Nordic Development Co Ltd Customers

We received the transcript of the judgement of the Central Bankruptcy Court of Thailand in refuse the application of New Nordic Development Co Ltd to enter Business Reorganisation on last Monday afternoon.

We have completed a review of the judgement of the Central Bankruptcy Court of Thailand in respect of our application for the business reorganisation of Thailand. We have confirmed that, in our opinion and that of our lawyers, that there are sufficient and adequate grounds on which to appeal the Court’s decision. Accordingly, as advised previously, we have instructed our lawyers to prepare the appeal.

Currently, due to the nature of the appeal and the documentation required, our lawyers have applied for and received leave form the Court to submit the appeal within 27 September 2022. We will advise you again when the appeal is lodged with the Appeal Court.

Obviously, there is no guarantee that our appeal will be successful. However, with our lawyers, we believe that the grounds upon which we have appealed are substantial and we are hopeful that the Court concur with our view of NND’s potential for recovery and will recognise the strong support we believe we are receiving from our customers.

In the meantime, we are preparing a number of strategies to pursue in the event our appeal is unsuccessful and we must continue to operate for the long term without the benefit of business reorganisation. These strategies will involve negotiations with our customers and will, to the greatest extent possible, follow the undertakings made in our submissions to the Bankruptcy Court. It remains our intention to deliver the best possible outcome to customers given the circumstances, and we look forward to receiving your support for these.

Please refer to separate newsletters for updates on other New Nordic Group companies.