Thailand: IFEC defaults for second time

Thailand: IFEC defaults for second time

SET-listed Inter Far East Energy Corporation Plc (IFEC), a renewable power
producer, has defaulted on its debt for the second time in less than a month
after failing to pay 200 million baht in bills of exchange (B/Es) owed to
Solaris Asset Management Co Ltd.

IFEC chairman Wichai Thavornwattanayong said the company has offered 200
million baht in B/Es since October last year, which was invested by Solaris
Privilege Bond 3M5 (S-PFI 3M5) of Solaris.

The B/Es were due on Jan 5, 2017 and IFEC failed to pay on time.

"Although IFEC has a source of fund inflow, there is mistake about the time
of the fund inflow," Mr Wichai said in a filing with the Stock Exchange of
Thailand. "It affected IFEC's ability to pay the debt by the due date.

"However, IFEC has already postponed paying the principal amount with
interest on Jan 11, 2017," he said, referring to the annual interest rate of
3.6%.

Mr Wichai could not be reached for comment yesterday.

It was the second time that IFEC defaulted on its debts after failing to pay
100 million baht in B/Es owed to LH Fund, a subsidiary of Land & Houses Plc,
the SET-listed property developer.

IFEC offered 100 million baht in B/Es to LH Fund, and the debt was due on
Dec 15, 2016.

But Mr Wichai said the company failed to pay the B/Es to LH because chief
executive Sittichai Pornsupanan, had resigned with immediate effect, causing
IFEC to struggle to pay the debt on time.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1175737/ifec-defaults-for-second-ti
me

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com