Date : 04/06/2003 17:31
UMI : THE COPY OF APPROVED DEBT RESTRUCTURING PLAN
June 3rd, 2003
To The President
The Union Mosaic Industry Public Company Ltd.
At For.Por. Kor.1(Por.Kor.3)127/2546 Subject:To inform about an
approval of debt restructuring plan of debtor: The Union Mosaic
Industry Public Company Ltd.
As the Union Mosaic Industry Public Company Ltd. has submitted
debt restructuring plan to Thai Asset Management Corporation ("TAMC")
dated May 19th and 26th , 2003 (that including debts of TAMC and Tisco
Finance Public Company ("TISCO")) for consideration.
TAMC has already considered the said plan and approved in principle
according to the condition as follows:
1. Debt that is used in debt restructuring
Finance Institutes Principals Proportion
TAMC. 1,328,262,138 90.46%
TISCO 140,000,000 9.54%
Total 1,468,262,138 100.00%
2. Principle of debt restructuring
Details Total Repayment Repayment
(for TAMC only)
2.1 Long term debt10 years, amount 700,000,000 633,254,425.44
700,000,000 Baht with repayment Of
principal according to the offer
of debtor and the paid Interest
per month in rate as follows:
- Year no.1- 3, rate: MLR-1% per year
- Year no. 4 and after, rate: MLR per year
2.2 Payment in cash 200,000,000 Baht 200,000,000 180,929,835.84
within 90 days from the day of
Signing an agreement to debt restructuring
2.3 Issuing convertible debenture without 160,000,000 144,744,000
collateral amount160,000,000 Baht as
to pay debt for group of creditors with
terms and conditions as follows:
1) Term 5 years, par value 1,000 Baht per issue
2) Interest rate : MLR-1% per year, payment
every 6 months
3) Conversion ratio of paid-up capital
increase of debtor : 1 convertible
debenture per 100 common stocks
4) Right to purchase back convertible
debentures: Right for existing
shareholders to purchase convertible
debenture from TAMC and / or TISCO in
an amount of 64,000,000 Baht within
3 years in the purchasing back price
as follows:
- Amount 32,000,000 Baht, the existing
shareholders can purchase convertible
debenture at the face value equal to
1,000 Baht/issue accrued interest
counted from the date of the last paid
interest up to the date of existing
shareholder apply right (if any).
- The rest of amount 32,000,000 Baht,
existing shareholders can purchase
convertible debentures at the face value
that equal to 1,500 Baht/issue and
accrued interest counted from the date
of last paid interest up to the date of
existing shareholders apply right(if any).
And debtor shall be responsible for various
expenses concerning the issuing of the said
convertible debenture.
2.4 The rest of principal amount408,262,138 Baht
and all accrued interest shall be written off
when debtor has followed and finished the plan
in item 2.2 and 2.3.
2.5 Debt guarantee of Miss Paweena Laowiwatwong
shall be written off as debtor has followed
and finished according to the plan.
The above mention principle and condition is the only primary
principle and condition, in the final a contract of debt restructuring
will be made again and the condition of this debt restructuring is
considered to be finalized according to debt restructuring contract.
For your consideration and acknowledgement.
Your sincerely,
(Mr. Prasert Uekamollsukho)
Vice President Business Restructuring Department
For the President
