Restructuring & Insolvency

Experience demonstrates that most restructurings require expertise in a combination of overlapping legal disciplines. Weerawong C&P is one of the few law firms in Thailand that can truly provide such combined expertise. Our dedicated financial restructuring and insolvency group has won industry accolades based on its unique ability to provide consistently high-quality service across the four core areas of banking, insolvency, capital markets and litigation.

We advise creditors, debtors and other market participants on all aspects of distressed business enterprise transactions. Our emphasis is on finding constructive, innovative and cost-efficient solutions that reflect business reality. Selected experience follows to demonstrate industry experience and local knowledge regarding our restructuring and insolvency practice:  

• Representation of Pace Development Public Company Limited, and its affiliates in Thailand, as well as Siam Commercial Bank Public Company Limited, in relation to the rehabilitation of Pace Development in Thailand and reorganization of its assets and businesses, namely, Dean & DeLuca Group, in the United States under Chapter 11 of the US Bankruptcy Code, with the total amount of claims involved in the rehabilitation exceeding THB 30 billion. 
  
  
• Representation of ECC Chiangmai Project 1 Co., Ltd. (“ECC”), the owner and operator of a community mall in Chiangmai, in bankruptcy and insolvency cases filed simultaneously. Weerawong C&P enabled the company to operate during the receivership and negotiated with creditors to receive a debt reconciliation over THB 3,000 million. Moreover, the team brought famous franchises such as KFC, Starbucks and a major construction materials store to sign  agreements with the client, adding value to ECC operations. This is the first case in Thailand where the business remained in operation despite obtaining an absolute receivership order from the Central Bankruptcy Court. (2019-2020)
  
  
• Representation of Bridge View Company Limited, the company operating the Montien Riverside Hotel, in its THB 3 billion (USD 95 million) business rehabilitation. Weerawong C&P advised and represented Bridge View on its negotiation with major creditors, terms and conditions of repayment of debt under the rehabilitation plan and court proceedings. Bridge View closed the deal selling its assets with the right of redemption, as a substitute for mortgage, to an investor. On 21 September 2021, the court held that the business rehabilitation was concluded. (2018-2021)
  
  
• Representation of EY Corporate Advisory Services Company Limited (EY) as the plan preparer of Energy Earth Public Company Limited (EARTH), a listed company engaging in the mining, importing, and distribution of coal, as well as power projects in Thailand and internationally, in its THB 23 billion (USD 726 million) business rehabilitation in 2017-2019. Weerawong C&P advised and represented EY in relation to its rehabilitation plan and contentious court proceedings.
  
  
• Representation of the major creditors of Sahaviriya Steel Industries Public Company Limited, Southeast Asia’s largest flat-steel manufacturing complex, comprising Siam Commercial Bank Public Company Limited, Krung Thai Bank Public Company Limited, and TISCO Bank Public Company Limited as well as SSI TH in the THB 60 billion rehabilitation.
  
  
• Representation of the major creditors of Sahaviriya Steel Industries UK Limited, comprising Sahaviriya Steel Industries Public Company Limited, Siam Commercial Bank Public Company Limited, Krung Thai Bank Public Company Limited, and TISCO Bank Public Company Limited, in the process of dissolution and winding up of the company in the United Kingdom, as well as accumulation, sales, and distribution of proceeds of the assets to the creditors, with an approximate total claims of THB 30 billion. 
  
  
• Representation of Sahaviriya Plate Mill Public Company Limited in its THB 6 billion business reorganization.
  
  
• Representation of EY Corporate Advisory Service Company Limited (EY), as the plan preparer and plan administration in the restructuring and rehabilitation of Saha Farms Company Limited and Golden Line Company Business Limited in an on-going, major rehabilitation matter in Thailand. The total value of the restructuring and rehabilitation is approximately USD 1 billion. 
  
  
• Representation of Export-Import Bank of the United States, official export credit agency of the Federal Government of the United States and a major creditor of Thai Petrochemical Industry Public Company Limited, in the successful defense of tort claims valued at THB 190 billion (approximately USD 5.9 billion) in the largest claim of the Central Bankruptcy Court to date. (1997-present)
  
  
• Representation of G Steel Public Company Limited in the restructuring of debt owed to trade creditors as well as on potential investments made by prospective investors. The restructured debt of the trade creditors of both G Steel Public Company Limited and subsidiary GJ Steel Public Company Limited were part of the pre-conditions for the debt/capital investment from new investors. Value: USD 600 million.
  
  
• Representation of Triple T Broadband Public Company Limited in connection with the rehabilitation of TT&T Public Company Limited. TT&T has over USD 2 billion debt owed to offshore and onshore creditors, plus a USD 160 million claim by TOT, the government-owned entity that granted the fixed-line telephone concession to TT&T. The firm handles negotiations with TT&T creditors to maintain Jasmine International Public Company Limited (TT&T is a subsidiary of Jasmine International Group) on the TT&T Board, and ensure the long-term financial viability of TT&T. We continue to represent TT&T at the Supreme Court level. Value: USD 2 billion. 
  
  
• Representation of Ladprao Plaza Co., Ltd. and the Imperial Lad Prao Mall in Bankruptcy Court. The court approved the business reorganization plan valued at USD 33 million in April 2016.
  
  
• Representation of Credit Suisse as facility agent for a group of offshore lenders regarding rehabilitation of the Canadoil Group in Thailand. Value: USD 210 million owed to lenders; USD 1 billion total rehabilitation.
  
  
• Representation of Bangkok Aviation Fuel Services Public Company Limited (BAFS), established by the Thai Cabinet to support the aviation industry in Thailand, with major users / shareholders including Thai Airways, Chevron, PTT, Esso, Shell, and Airports of Thailand. WC&P advised BASF, as creditor in submitting a petition for Fuel Pipeline Transportation Limited (FTP) to enter the rehabilitation process. Subsequently we represented BAFS in court proceedings in which BAFS became a major shareholder of FTP, assumed a management role. Value: USD 24.9 million. 
  
  
• Representation of a leading Chinese airline company in defending cases filed by its creditors under several credit and service agreements in the court of Thailand and the Thai Arbitration Institute. The claims were approximately THB 69 million. (Conducted in both Thai and English)
  
  
• Representation of Sriracha Harbour Public Company Limited in connection with the amendment of the Reorganization Plan of the company. 
  
  
• Representation of Siam City Bank Public Company Limited and Export-Import Bank of Thailand, as creditors, in the rehabilitation (in-court) of Dhara Dhevi Co., Ltd., the owner and operator of Dhara Dhevi Hotel. 
  
  
• Representation of Industrial Enterprise Co., Ltd., the manufacturer of “Tip” vegetable oil, in the company’s debt restructuring and rehabilitation (in-court) process.
  
  
• Representation of TSFC Securities Co., Ltd. in the debt restructuring of the company.
  
  
• Representation of  PB Air Co., Ltd., the operator of a local low-cost airline, PB Air, in its debt restructuring with its creditor (on-going).
  
  
• Representation of Nok Airlines Co., Ltd. (formerly, Sky Asia Co., Ltd.), the operator of NOKAIR, a local low-cost airline, in its debt restructuring with its counterparties. 
  
  
• Representation of Sun Cabinet Co., Ltd., a company in Sun Wood Group of companies, in connection with the rehabilitation process (in-court) with its creditors, namely, Bangkok Bank, Kasikornbank, Export-Import Bank of Thailand, TMB Bank and Krung Thai Bank. 
  
  
• Representation of Triple T Broadband Co., Ltd. and TT&T Subscriber Services Co. Ltd. in the initial phase of restructuring and refinancing of Thai Telephone & Telecommunication (TT&T)’s THB 29 billion debt with its Thai and foreign financial and trade creditors. 
  
  
• Representation of Datamat Public Company Limited in relation to the rehabilitation process (in-court) of the company with its creditors.
  
  
• Representation of Mahachai Kraft Paper Co., Ltd. in relation to the restructuring of its debt obligations and a rehabilitation process under the Bankruptcy Act. 
  
  
• Representation of Longsan Veneer Co., Ltd., a subsidiary of Sun Wood Industries Public Company Limited, in connection with the rehabilitation process (in-court) of the company with its creditors, namely, Bangkok Bank, Kasikornbank, Export-Import Bank of Thailand, TMB Bank and Krung Thai Bank. 
  
  
• Representation of Sun Wood Industries Public Company Limited in connection with the rehabilitation process (in-court) of the company with the creditors, namely, Bangkok Bank, Kasikornbank, Export-Import Bank of Thailand, TMB Bank and Krung Thai Bank. 
  
  
• Representation of Kiatnakin Bank Public Company Limited, as creditor, in relation to the debt restructuring with its debtors, Juldis Development Public Company Limited.
  
  
• Representation of Kiatnakin Bank Public Company Limited, as creditor, in connection with the debt restructuring with Tropicana Beach Resort Co., Ltd. and two other companies in the same group,  Phuket Co., Ltd. and Paradise Beach Resort Co., Ltd.
  
  
• Representation of Kiatnakin Bank Public Company Limited in filing a civil case against United Center Co., Ltd., the guarantor of Panjapol Pulp Industry Public Company Limited, as another bank's debtor, and to demand the repayment from the guarantor.  
  
  
• Representation of Royal Industries (Thailand) Public Company Limited in connection with the rehabilitation process (in-court) of the company with Bangkok Bank, Siam Commercial Bank, BankThai, ACL Bank, Thanachart Bank, Krung Thai Bank and Standard Chartered Bank (Thai), its creditors. 
  
  
• Representation of Nakornthai Strip Mill Public Company Limited, a steel manufacturing company in Thailand, in the restructuring of approximately USD 800 million of debt, including both commercial bank debt and bonds offered pursuant to Regulation S and Rule 144A. 
  
  
• Representation of Sunflag (Thailand) Ltd., a company in the garment and textile industry, in connection with the in-court rehabilitation process under the Bankruptcy Act with its creditors. The debt obligations were THB 3.5 billion (approx. USD 100 million)
  
  
• Representation of a syndication of Thai Banks namely, Bangkok Bank, Krung Thai Bank, Government Savings Bank, Siam City Bank, the Siam Commercial Bank, TMB Bank, and a syndication of foreign commercial banks namely Barclays Capital and Citicorp International Limited in the refinancing of USD 800 million of debt for Thai Petrochemical Industry Public Company Limited (now IRPC).
  
  
• Representation of Rangsit Footwear Co. Ltd. in relation to the rehabilitation process (in-court) under the Bankruptcy Act. The debt value was THB 1.14 billion.
  
  
• Representation of Saha Rattana Nakorn Co., Ltd. in connection with its second rehabilitation plan. 
  
  
• Representation of Tuntex (Thailand) Public Company Limited in connection with its debt restructuring process in court.
  
  
• Representation of a syndication of commercial banks namely Bangkok Bank Public Company Limited, Kasikornbank Public Company Limited, Krung Thai Bank Public Company Limited and Siam Commercial Bank Public Company Limited in the refinancing of THB 34 billion debt for TA Orange Public Company Limited.
  
  
• Representation of Kimtex International Enterprise Co., Ltd. in relation to the purchase of loan of Samart Corporation Public Company Limited from Kasikornbank Public Company Limited The deal value was THB 2, 145 million.
  
  
• Representation of Krung Thai Bank Public Company Limited in the refinancing of the THB 30,000 million (USD 750 million) loan to Thonburi Automotive Assembly Plant Public Company Limited, the largest dealer and automobile assembly of Mercedez Benz in Thailand. 
  
  
• Representation of Thai Wah Public Company Limited, the country’s largest agricultural producer and the parent company of Laguna Resort Hotel Public Company Limited (owner of five luxury hotels in Phuket) in restructuring the debt obligations of Thai Wah and Thai Wah Plaza Ltd., the owner of the Westin Banyan Tree Hotel, with major creditors. The deal value was THB 8,900 million. 
  
  
• Representation of Bangkok Rubber Public Company Limited, a manufacturer of Nike sports-shoes, in connection with the rehabilitation process under the Bankruptcy Act. The deal value was THB 10,400 million.
  
  
• Representation of Italian-Thai Development Public Company Limited, a Thai construction, trading and manufacturing group operating in Thailand and elsewhere in Southeast Asia, in the USD 475 million debt restructuring of its debt with its creditors.
  
  
• Representation of Olympia Thai Co., Ltd., one of the largest office automation importers in Thailand, in relation to debt restructuring and rehabilitation procedures. The deal value was THB 14 billion.
  
  
• Representation of Thai Baroda Industries Ltd. in connection with the financial restructuring plan in the Rehabilitation Court with its creditors.
  
  
• Representation of EMC Planner Co, Ltd. in connection with the rehabilitation plan of BIP Engineering & Construction Co., Ltd., a wholly owned subsidiary of EMC Public Company Limited.
  
  
• Representation of Srithai Food & Beverage Public Company Limited in relation to the rehabilitation process (in-court) under the Bankruptcy Act with its creditors. 
  
  
• Representation of Ranong Marine Co., Ltd. in relation to the in-court rehabilitation process of the company with its creditor.
  
  
• Representation of C.J. Morgan Co., Ltd., acting as financial advisor to Srikrung Wattana Co., Ltd., in connection with the debt restructuring of Srikrung Wattana in the Bankruptcy Court with Thai Asset Management Corporation (TAMC).
  
  
• Representation of Sahaviriya Steel Group Co., Ltd. in connection with assignment agreements between the company, as an assignee, and Thai Asset Management Corporation (TAMC) in relation to the claims, rights and interest under the financing agreements and Business Reorganization Plan of Rama III Land Ltd.
  
  
• Representation of Siam Steel Syndicate Co., Ltd. in relation to the legal proceedings after the court approval of the business reorganization plan pursuant to the Bankruptcy Act.  
  
  
• Representation of Mahachai Marine Products Co., Ltd. in connection with the rehabilitation process of the company under the Bankruptcy Act with its creditors.
  
  
• Representation of Soon Hua Seng Holding Co., Ltd. in connection with its debt restructuring in the Bankruptcy Court with Thai Asset Management Corporation (TAMC).
  
  
• Representation of Rangsit Plaza in connection with the debt restructuring of the company with Standard Chartered Nakornthon Bank Public Company Limited.
  
  
• Representation of Srithai Feedmill Co., Ltd. in relation to the in-court rehabilitation process with its creditors.
  
  
• Representation of Thai-Denmark Swine Breeder Public Company Limited in relation to the in-court rehabilitation process with its creditors.
  
  
• Representation of a steering committee comprising Siam Commercial Bank, Bank of Ayudhya and Banque Indosuez in the restructuring of the debt obligations of Wongpaitoon Group, a leading manufacturer of Reebok shoes.
  
  
• Representation of Thonburi Automotive Assembly Plant Co., Ltd. (TAAP) and Thonburi Phanich Co., Ltd., the manufacturer and distributor of Mercedes Benz automobiles in Thailand, in connection with a debt restructuring process.  The deal value was THB 23.3 billion (USD 582.5 million).
  
  
• Representation of Thai Oil Co., Ltd. in a restructuring of the company’s debt obligations.  The deal value was approximately THB 90,000 million (USD 2,250 million).
  
  
• Representation of Thai Lube Base Company Limited in the rehabilitation of Thai Lube Base Company Limited.  The total deal value was THB 22,000 million.
  
  
• Representing Professional Planner Company Limited for the rehabilitation of Suratthani Marine Product Company Limited.  The total deal value was THB 5,000 million.
  
  
• Representation of Teck Bee Hang Co., Ltd., a leading Thai rubber exporter, in a debt restructuring under supervision of the Corporate Debt Restructuring Advisory Committee (CDRAC).  The deal value was THB 3,427 million (USD 85.7 million).
  
  
• Representation of PTT Public Company Limited (in its capacity as a shareholder) in relation to the debt restructuring of Rayong Refinery Co., Ltd. (RRC), a joint venture between PTT and Shell International Holding Ltd.  The deal value was THB 1,335 million (USD 33.38 million)
  
  
• Representation of C.J. Morgan Co., Ltd., acting as financial advisor to Thai Fertilizer Public Company Limited, in connection with the in-court rehabilitation process under the Bankruptcy Act.  The deal value was THB 12.6 billion (USD 315 million).
  
  
• Representation of Jalaprathan Cement Public Company Limited in a refinancing transaction. The total deal value was THB 1,500 million. 
  
  
• Significant Restructuring Transactions Before 2003
  
  
• Representation of Thai Asset Management Corporation (TAMC) and the Industrial Finance Corporation of Thailand (IFCT) (as existing lenders) in relation to the debt restructuring of Thai Copper Industries Public Company Limited, one of the most advanced manufacturer of copper products (as borrower).
  
  
• Representation of Thai Cane Paper Public Co., Ltd. and its shareholders  (H & Q Asia) in debt  restructuring of Thai Cane Paper Public Co., Ltd., with the total debt of over USD 150 million.  The major creditor of Thai Cane Paper Public Co., Ltd. is Thai Asset Management Corporation. (TAMC).
  
  
• Representation of Sarin Property Company Limited and its planner on the debt restructuring of the company under the in-court rehabilitation process pursuant to the Bankruptcy Act.
  
  
• Representation of Siam Syntech Planner, a planner, on the debt restructuring of Siam Syntech Construction Public Company Limited Under the in-court rehabilitation process pursuant to the Bankruptcy Act.
  
  
• Representation of Supalai Public Company Limited on the transaction of its debt restructuring with its creditors.  (The value of deal is approximately THB 8 billion) Over 60% of debt outstanding is owed to the following major creditors: Siam Commercial Bank Public Company Limited, Siam City Bank Public Company Limited, Bangkok Capital Alliance Company Limited, Krung Thai Bank Public Company Limited, BankThai Bank Public Company Limited and TISCO Finance Public Company Limited.
  
  
• Representation of Thai Mui Group (consisting of 25 companies involved in steel, stainless and brass pipe manufacture) in the proposed restructuring of THB 9,500 billion debt with local financiers.
  
  
• Representation of PTT Public Company Limited (in their capacity as a shareholder) in relation to the debt restructuring of Rayong Refinery Company Limited (RRC), a joint venture company between PTT and Shell Int'l Holding Ltd.
  
  
• Representation of Property Perfect Public Co., Ltd., the major real estate developers, in their proposed debt restructuring.
  
  
• Representation of Ciments Français in an acquisition of Jalaprathan Cement. The deal represents the first successful transaction to be completed under the Thai’s government’s new corporate restructuring program.  
  
  
• Representation of Thai Oil Co., Ltd. in a restructuring of the company's debt obligations. This deal (value approximately THB 90 billion or USD 2.25 billion) was a highly successful landmark debt restructuring.  It was the largest corporate debt restructuring to be completed not only in Thailand but also in the Asia-Pacific region.  As a result, it has set the standard for future debt restructuring in Thailand. 
  
  
• Representation of N.T.S Steel Group Public Company Limited in connecting with the restructuring of its debt obligations.
  
  
• Representation of a group of creditors of Swedish Motors Corporation Public Company Limited in a proposed debt restructuring.
  
  
• Representation of a steering committee of creditors of Jasmine International Public Company Limited.
  
  
• Representation of US Exim Bank in the debt restructuring of TPI Polene Public Company Limited.
  
  
• Representation of BankThai Public Company Limited in the restructuring of debt obligations of OGC Garden Tower Co., Ltd. and OGC Real Estate Co., Ltd.
  
  
• Providing legal advice on a debt restructuring plan proposed by financial advisors of Kulthorn Kirby Public Company Limited.
  
  
• Representation of NS Electronics Bangkok (1993) Ltd., in restructuring debt obligations of the company through a sale of a stake in the company.
  
  
• Representation of Property Perfect Public Company Limited in a restructuring of the company’s debt obligations.
  
  
• Representation of Quality Houses Public Company Limited in a restructuring of the company’s debt obligations.
  
  
• Representation of Noble Development Public Company Limited in a restructuring of the company’s debt obligations.
  
  
• Representation of Securities One Public Company Limited, one of the largest securities companies in Thailand, in the recent successful restructuring of its debt and sale of equity stake to a strategic investor.
  
  
• Representation of Sahaviriya OA Public Company Limited and Sahaviriya Steel Industries Public Company Limited in their respective debt restructuring process.
  
  
• Representation of Pranda Jewelry Public Company Limited in its debt restructuring.
  
  
• Representation of creditors of Usha Siam Steel Industries Public Company Limited, a Thai steel manufacturing company, with the restructuring of debt obligations.
  
  
• Representation of Nakornthon Bank Public Company Limited in restructuring a loan agreement with a debtor company.
  
  
• Representation of GSP Property Management Co., Ltd. in rescheduling debt obligations with certain Thai creditors.
  
  
• Representation of Siam Tire Cord Co., Ltd. in restructuring debt obligations with Bangkok Bank Public Company Limited and Bangkok Metropolitan Bank Public Company Limited. 
  
  
• Representation of BankThai Public Co., Ltd in a restructuring transaction involving an equity offering.
  
  
• Representation of Siam Container Pipe Co., Ltd. in restructuring debt obligations held with two creditor companies.
  
  
• Representation of Thai Special Steel Industry Public Company Limited in a restructuring of its debt obligations.

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