ข่าวแจ้งตลาดหลักทรัพย์
Progress of Business and Financial Restructuring
1600 / 198 / 2003
November 17, 2003
The Stock Exchange of Thailand
62, Ratchadapisek Road, Klongtoey
Bangkok 10110
Attention : President of The Stock Exchange of Thailand
Subject : Filing the progress of The Bangchak Petroleum Public Company
Limited (BCP)'s Business and Financial Restructuring
Dear sir ,
As the cabinet had the resolution to approve the Company's Business
and Financial Restructuring Plan on July 8, 2003, the Company would like to
report the progress of such restructuring plan as follows :
1. Progress of Business Restructuring
The Company together with the Ministry of Energy and the related oil
companies will sign the Letter of Understanding of the operation synergy on
November 17, 2003. The Company expects that such cooperation will strengthen
the operation results of the Company in term of EBITDA in 2004 and the year onwards.
2. Progress of Financial Restructuring
2.1 Restructuring of Loans, the Company is on the process of
negotiations for new loans with the new lenders and for redemption the existing
loans with the bondholders. However, it will take awhile before such restructuring
will be completed.
2.2 Restructuring of Capital, according to the resolution of the Company's
Extraordinary Shareholder Meeting to decrease the registered capital from Baht 5,220
million to Baht 522 million, the Company will register such capital reduction within
this week. For the capital increase, the registration will be made after the
capital reduction process will be completed in accordance with the Financial
Restructuring Plan.
At last, the Company would like to inform that the Company's Business
and Financial Restructuring Process will take awhile before completed, and the
Company will inform later after the completely success of restructuring process.
Please be informed accordingly.
Yours sincerely,
(Watcharapong Saisuk)
Assistant Vice President, Corporate Planning Office
Corporate Planning Office
Tel: 0-2335-4583