SCB-PACE Convert Debt into Equity after D&D Completes the Business Reorganization

SCB has announced that the bank has acquired 26.49 percent of total issued and paid up shares of Dean & DeLuca, Inc., pursuant to the debt-to-equity conversion in respect of the loan provided by SCB to D&D Inc.

 

The Siam Commercial Bank Public Company Limited (SCB), would like to inform the Stock Exchange of Thailand that, on January 29, 2021 at the local time of Thailand (or January 28, 2021 at the local time of New York, the United States of America), SCB has acquired 45,837,074 ordinary shares in Dean & DeLuca, Inc. (D&D Inc.), a company incorporated in the United States of America, which is equal to 26.49 percent of total issued and paid up shares of D&D Inc., pursuant to the debt-to-equity conversion in respect of the loan provided by SCB to D&D Inc. totaling USD 45,837,074 (with full provision), under the business reorganization process in the Bankruptcy Court of the United States of America (Chapter 11). The total investment value equals THB 1.

 

On February 1, 2021, Pace Development Corporation Public Company Limited (PACE) announced that D&D Inc. which is an indirect subsidiary of the company has fully fulfilled conditions for completion of the business rehabilitation plan on 28 January 2021 at the local time of New York, United States of America.

 

The financial restructuring of D&D Inc. in accordance with the business reorganization under Chapter 11 has been carried out under the provisions of rehabilitation plan which has been approved by the Bankruptcy Court. Pursuant to the business rehabilitation plan, two creditors i.e. (i) Pace Food Retail Company Limited (PFR) and (ii) SCB have converted debts concerning the loans PFR and SCB provided to D&D Inc. into equity, while debts of other creditors will be repaid pro rata pursuant to terms and conditions of the business rehabilitation plan.