Energy Absolute Names New CEO, Will Seek More Time to Pay Bonds
(Bloomberg) — Energy Absolute Pcl, the Thai renewable energy company that has slumped in value amid a fraud probe, named a new chief executive officer and said it plans meetings with bondholders to seek more time to pay debt.
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The company has appointed Chatrapon Sripratum as CEO, it said in a statement. Chatrapon replaces Somchainuk Engtrakul, who had been named a director and acting CEO following the resignation of founder Somphote Ahunai last month after the Securities and Exchange Commission said it was investigating him and other executives for possible fraud. Somphote has denied wrongdoing.
The Thai renewable energy company also appointed Vasu Klomkliang as the new chief financial officer, and said it will meet with bondholders to seek another 10 months and 15 days to pay debt due on Aug. 15. It will also propose paying a 5% coupon on the debt, from 3.11%. The company wants more time as well to pay green bonds due Sept. 29, for which it will also raise the coupon to 5%.
Energy Absolute shares have tumbled 91% this year on concerns it was overextended by its expansion into multiple businesses. Thailand’s Association of Investment Management Companies last month banned new investments in the firm, which also had its credit rating cut, and the company has already delayed repayment on two bills of exchange.
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