In a bid to shore up investor faith in the company, the beleaguered Thai renewable energy firm Energy Absolute Pcl announced a major shake-up in leadership ranks and detailed plans to meet with bondholders to delay debt payment deadlines. The Bangkok-based company, investigated for alleged fraud, drastically lost its stock value and has named Chatrapon Sripratum as its new CEO. It appoints Chatrapon to replace Somchainuk Engtrakul, who took the helm briefly after the founder Somphote Ahunai resigned amid Securities and Exchange Commission's investigation into alleged fraud involving himself and other executives. Somphote has denied wrongdoing.

The Thai renewable energy company also appointed Vasu Klomkliang as the new chief financial officer in addition to the new CEO. The company intends to ask the bondholders for an additional 10 months and 15 days to repay debt due on August 15 in exchange for increasing the coupon rate on the mentioned debt to 5 per cent from the current rate of 3.11 per cent. The company also requested an extension to the payment for its green bonds due on September 29 and proposed the same raising of its coupon rate to 5 per cent.

Shares of the company have nose-dived 91 per cent this year amid investor concerns about its aggressive expansion into multiple businesses. If that wasn't bad enough, Thailand's Association of Investment Management Companies recently prohibited new investments in the firm, and its credit rating has been downgraded. Energy Absolute had already delayed repayment on two bills of exchange, rattling the nerves of investors.

The new management at Energy Absolute now has the uphill task of successfully taking the firm through times of great scrutiny and financial instability. The company is seeking debt repayment extensions and is willing to pay higher coupon rates to bring some stability in its finances and revive investor confidence. How far such moves will succeed is yet to be seen, as the fraud investigation and market scepticism are still looming large over the company's future.

In a bid to shore up investor faith in the company, the beleaguered Thai renewable energy firm Energy Absolute Pcl announced a major shake-up in leadership ranks and detailed plans to meet with bondholders to delay debt payment deadlines.

In a bid to shore up investor faith in the company, the beleaguered Thai renewable energy firm Energy Absolute Pcl announced a major shake-up in leadership ranks and detailed plans to meet with bondholders to delay debt payment deadlines. The Bangkok-based company, investigated for alleged fraud, drastically lost its stock value and has named Chatrapon Sripratum as its new CEO. It appoints Chatrapon to replace Somchainuk Engtrakul, who took the helm briefly after the founder Somphote Ahunai resigned amid Securities and Exchange Commission's investigation into alleged fraud involving himself and other executives. Somphote has denied wrongdoing. The Thai renewable energy company also appointed Vasu Klomkliang as the new chief financial officer in addition to the new CEO. The company intends to ask the bondholders for an additional 10 months and 15 days to repay debt due on August 15 in exchange for increasing the coupon rate on the mentioned debt to 5 per cent from the current rate of 3.11 per cent. The company also requested an extension to the payment for its green bonds due on September 29 and proposed the same raising of its coupon rate to 5 per cent. Shares of the company have nose-dived 91 per cent this year amid investor concerns about its aggressive expansion into multiple businesses. If that wasn't bad enough, Thailand's Association of Investment Management Companies recently prohibited new investments in the firm, and its credit rating has been downgraded. Energy Absolute had already delayed repayment on two bills of exchange, rattling the nerves of investors. The new management at Energy Absolute now has the uphill task of successfully taking the firm through times of great scrutiny and financial instability. The company is seeking debt repayment extensions and is willing to pay higher coupon rates to bring some stability in its finances and revive investor confidence. How far such moves will succeed is yet to be seen, as the fraud investigation and market scepticism are still looming large over the company's future.

Energy Absolute announces major leadership shakeup, debt extension plans in fraud probe

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Energy Absolute announces major leadership shakeup, debt extension plans in fraud probe