Pace Development Corporation reveals its subsidiary “Dean & Deluca” debt restructuring completed. After pursuing rehabilitation in bankruptcy court in the United States. While two creditors, “Pace Food Retail and Siam Commercial Bank”, convert their debt to equity. As for other creditors Will receive prorated repayment according to the plan requirements.
Mr. Sorapot Techakraisri, Chief Executive Officer of Pace Development Corporation Public Company Limited or PACE opened
According to the Dean & Deluca Group, Inc. (D&D Inc.), an indirect subsidiary of PACE, submitted a request for an adjustment process.Debt structure through rehabilitation in court (Chapter 11) to the bankruptcy court. United States (United States Bankruptcy CourtSouthern District of New York) on March 31, 2020, that
The company informed that D&D Inc. has completed the successful condition of the rehabilitation plan on 28th. January 2021, New York local business hours. USA Which is the same time as January 29, 2021 according to the timeOf Thailand
The debt restructuring process through court rehabilitation (Chapter 11) of D&D Inc. has been performed in accordance with the provisions of
The formulation of the rehabilitation plan approved by the court by two creditors, Pace Food Retail Company Limited (PFR) and Siam Commercial Bank (SCB).Has converted the debt to equity While other creditors Will receive repayment of debt in proportion to the requirements of the rehabilitation plan
Therefore, after the implementation of the rehabilitation plan requirements and after the debt to equity conversion, D&D Inc.There will be a new capital structure and shareholder PFR, holding 127,210,558 shares, 73.51% stake, and Siam Commercial Bank holding 45,837,074 shares.Proportion 26.49
After D&D Inc. has completed the successful conditions of the rehabilitation plan and issuedAs a result of the debt restructuring process in court (Chapter 11), D&D Inc. will continue to act as an indirect subsidiary.Of the company and still maintain the business value Including existing intellectual property before entering the debt restructuring process and willAble to resume business as usual
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