The Securities and Exchange Commission, or SEC, disclosed that Grand Asset Hotels and Property Public Company Limited, or GRAND, as the issuer of 11 bond series, namely GRAND254A, GRAND257A, GRAND257B, GRAND259A, GRAND259B, GRAND25OB, GRAND25DA, GRAND263A, GRAND264A, GRAND267A and GRAND271A, will hold the 2/2569 bondholders' meeting on 25 September 2569 at 2:00 p.m. via electronic means. The agenda includes waiving various events so they are not treated as events of default under the rights terms, cancelling and exempting the bondholders' representative's actions related to the default, amending the bond interest payment conditions, cancelling the issuer's obligation to maintain financial ratios under the rights terms, and cancelling the fee for exercising the right to early redemption of the bonds, for the GRAND254A series only. The SEC requires the bondholders' representative to clearly analyse the advantages, disadvantages, benefits and impacts that bondholders would receive from approving or not approving each resolution under each option, together with the reasons and opinions of the bondholders' representative. The SEC therefore asks bondholders to study the information carefully, exercise their rights to protect their interests, and seek information from the bondholders' representative to support their voting decision at this meeting.
GRAND bondholders must vote on waiving default events, amending interest payment terms, and cancelling financial-ratio covenants, signaling financial distress for the issuer.
