Press Release

Kudun and Partners is acting as legal counsel for TTCL Public Company Limited, a long established public listed Thai engineering, procurement and construction (EPC) contractor—best known for delivering large-scale industrial infrastructure projects in Thailand and overseas such as Ethane Cracker Project, Laos Green Hydrogen Valley and Myanmar LNG-to-Power Project—in connection with the filing of its business rehabilitation petition under the Thai Bankruptcy Act, which was successfully accepted by the Central Bankruptcy Court on 3 November 2025. The court’s decision followed careful judicial consideration of TTCL’s substantial indebtedness—exceeding THB 14 billion—owed to a wide and complex creditor base comprising financial institutions, trade creditors and multiple series of bondholders represented by security trustees, with an estimated total of approximately 4,000 creditors. The court’s acceptance places TTCL under business rehabilitation proceedings with an automatic stay, enabling the company to continue its operations while pursuing a structured and orderly restructuring process.

The court’s strict approach to accepting petitions underscores the significance of its decision to accept the petition, reflecting judicial recognition of the appropriateness of rehabilitation as a mechanism to support TTCL’s financial recovery and business continuity. In this regard, TTCL would be positioned as one of the few corporates to satisfy the court’s heightened threshold for rehabilitation during a period of increased judicial scrutiny. However, the rehabilitation process typically involves court proceedings, the appointment of a plan preparer, the submission of a rehabilitation plan for approval by creditors and the court within the statutory timelines, and the implementation of such plan over a period that may extend for several years.

The matter is led by our team members; Kudun Sukhumananda, founding partner, Kongwat Akaramanee, partner, and a team of associates; Jamorn Pornponwat and Weeranun Borriwatprasert, reinforcing Kudun and Partners’ market-leading capability in complex, high-value restructuring and insolvency proceedings involving large creditor constituencies and heightened judicial scrutiny.