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G Steel Offers New Debt Plan of THB 9 Billion

Steel News - Published on Wed, 09 Oct 2019

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SET-listed G Steel Plc plans to exercise a debt to equity conversion scheme for its debt of 9.28 billion baht to eight creditors to reduce the company's massive liabilities worth 18.83 billion baht. The scheme will be on the agenda at the extraordinary general meeting of shareholders on Oct 11. G Steel's debt restructuring plan aims to reach a debt-to-equity price of 0.19 baht per share. At present, the Stock Exchange of Thailand has suspension and non compliance signs on GSTEEL because the company failed to submit financial statements within specified deadlines. The SP and NC signs have been applied since May 16.

Ms Soontareeya Wongsirikul, director of G Steel, said the company wants to be listed on the stock market and continues to produce and distribute hot-rolled coil steel in the country. She said that "G Steel expects to resume normal trade on the stock market by December.”

This debt restructuring plan is expected to change G Steel's debt-to-equity ratio from -4.89 times to 1.79 times.

Ms Soontareeya said G Steel filed for bankruptcy with a debt restructuring plan to pay back 17 billion baht to creditors. She said G Steel has spent roughly nine years sorting out its financial status after suffering from the subprime crisis in 2008. Major shareholders agreed on the debt restructuring plan and filed the bankruptcy with the court.

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Posted By : Rabi Wangkhem on Wed, 09 Oct 2019
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