Thailand: creditors likely to reject Picnic Corp's proposed debt-for-equity swap.

(From Thai Press Reports)

Section: Corporate News - Picnic Corp's creditors are likely to reject the embattled cooking gas company's proposal of a debt-for-equity swap, The Nation reports.

Sripop Sarasas, president and CEO of Krung Thai Asset Management, said on January 30 he doubted whether Picnic's creditors would be willing to accept the offer as the market price of its shares now stands at Bt0.30, well below the exercise price of Bt1.

If Picnic wants to settle the dispute, reduction of the conversion price is the solution, he said.

"In a situation where a company has a [default] problem, who will get the company's assets first - …