Thailand: Picnic Corp to use proceeds from rights offer to pay debts.

(From Thai Press Reports)

Section: Corporate News - Latest move aims to resolve legal dispute with two creditors, The Nation reports.

Picnic Corp told the Stock Exchange of Thailand on February 23 that it would use the proceeds from its upcoming rights offering to settle outstanding debts of Bt66.6 million with two asset-management companies holding its overdue bills of exchange (B/E). The two companies have filed for legal action against the embattled cooking-gas manufacturer.

Late last month, Picnic announced that it would issue 1.48 billion new shares to existing shareholders at a ratio of two shares held for each new one, for Bt1 each. The …