On 8 February 2024, the Central Bankruptcy Court issued an order to Phelps Dodge for the business rehabilitation and appointed EY Corporate Advisory Services Co., Ltd. as the plan administrator. Pursuant to the Bankruptcy Act, B.E. 2483 (1940), the next step is for creditors to file for debt repayment with the official receiver of the Legal Execution Department within one month from the publication date in the Government Gazette on 11 March 2024. The deadline is set on 11 April 2024*.    

In this regard, STARK bondholders are able to file for debt repayment to protect their rights through the following channels:  

    1) Electronic filing: The bondholders may use the electronic form and attach supporting documents through the procedures, terms and conditions specified on the Legal Execution Department website at https://reorg-service.led.go.th/index/ ;   

    2) Hardcopy filing at the Legal Execution Department: The bondholders may file for debt repayment with the official receiver at the Business Reorganization Division, the Government Complex Commemorating His Majesty the King’s 80th Birthday Anniversary, 5th December, Rajaburi Direkriddhi Building (Building A), 8th Floor, 120 Changwattana Road, Tong Song Hong Sub-District, Laksi District, Bangkok 10210 or the Legal Execution Department offices nationwide. The Filing Form is downloadable on the Legal Execution Department website: https://www.led.go.th/form/form.asp.

The STARK bondholders can access the supplementary documents and filing guidelines for the debt repayment request on the Legal Execution Department website at: https://www.led.go.th/brd/efiling/ or call the Legal Execution Department at 0-2142-5201-13.    

The provisions on the filing for debt repayment and the entities eligible for the filing for debt repayment in a business rehabilitation case are as prescribed in the Bankruptcy Act B.E. 2483 (1940). Thus, the filing for debt repayment in the business rehabilitation case of Phelps Dodge is merely an exercise of the right of STARK bondholders to request debt repayment. Whether the STARK bondholders will receive debt repayment depends on the evidence provided to prove the debt of the STARK bondholders and the discretion of the official receiver or the Central Bankruptcy Court to issue a subsequent order. Meanwhile, STARK bondholders can follow the news and inquire for more information from the STARK bondholders’ representative. 

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Remark:  

* Notification of the Official Receiver regarding the Order for Business Rehabilitation and Appointment of the Plan Administrator of Phelps Dodge International (Thailand) Public Company Limited as debtor at   https://ratchakitcha.soc.go.th/documents/22129.pdf