Thai Polycons Public Company Limited is a construction contractor based in Bangkok, Thailand, incorporated in 1988. It provides construction services such as steps and piles, foundations, soil collapse prevention, structural, architectural, landscape architectural, and system engineering work for government agencies and private sectors. The company is also involved in property development, trading, energy investment, and the design, installation, and control of machines, automatic car parking, and building security systems, as well as inspection, maintenance, and repair services. Additionally, it distributes and installs air pollution control machines, parts, tools, and equipment; acts as an electricity, air conditioning, and telecommunication system contractor; generates and distributes biogas; offers equipment rental; provides hiring for running machine and power plant maintenance; and produces electricity.
TPOLY bondholders approve forced sale of 45.9 million TPCH shares, appoint lawyers to fight rehabilitation case
The 1/2569 meeting of holders of the TPOLY26NA bond series of Thai Polycons Public Company Limited, or TPOLY, held on 11 September 2569, with a quorum of 78.33% of outstanding bonds present, passed a resolution with 83.21% of votes approving the forced sale of 45,925,412 ordinary shares of TPC Power Holding Public Company Limited, or TPCH, on the stock exchange. The sale is subject to a minimum daily condition of not less than 5% of the pledged shares, or 2,296,270 shares per day, using the volume-weighted average price, or VWAP. The bondholders' representative may sell additional shares if the volume sold is less than 50% of the total trading volume of TPCH shares on that day, but the maximum daily sale must not exceed 20% of the pledged shares, or 9,185,082 shares. The meeting also passed a unanimous resolution with 100% of votes authorising Beyond Securities Public Company Limited, as the bondholders' representative, to take legal action related to TPOLY's business rehabilitation case, case number ฟฟ.13/2569, at the Central Bankruptcy Court. If the court does not accept the petition or the rehabilitation plan fails, the bondholders' representative may immediately sue and enforce all collateral. If the court accepts the rehabilitation petition, a lawyer will be engaged to file an objection to the rehabilitation petition, file a debt repayment claim, and attend meetings to vote against the rehabilitation plan. The representative is also authorised to file both criminal and civil complaints to seek direct and indirect damages from TPOLY, including its directors and executives involved, with TPOLY as the bond issuer required to bear all expenses in the legal process. Earlier in the meeting, bondholders also passed a resolution with 99.55% of votes approving a waiver of non-compliance with the criteria on the timeframe for convening the meeting and closing the bondholders' register, so that the meeting and consideration of key agenda items could proceed quickly.
TPOLY.BK · Regulation · Negative Bondholders voted to fight TPOLY's rehabilitation petition, pursue criminal and civil complaints, and enforce collateral, with TPOLY bearing all legal costs.
TPCH.BK · Supply · Negative Bondholders approved the forced sale of 45.9 million TPCH shares on the exchange, adding significant share supply/overhang.
BYD.BK · Regulation · Neutral Beyond Securities is authorized as bondholders' representative to pursue legal action in TPOLY's rehabilitation case, a legal/regulatory role with unclear financial impact.
KPM Securities Assigns Three Legal Teams to Defend TPOLY Bondholders' Rights After Court Dismisses Rehabilitation Petition
The Central Bankruptcy Court has ordered the dismissal of the business rehabilitation petition of Thai Polycons Public Company Limited, or TPOLY, which was filed by the petitioning creditor TPC Power Holding Public Company Limited, or TPCH. The court found that there were no reasonable grounds for the company to enter the rehabilitation process under Section 90/6, paragraph one, of the Bankruptcy Act, according to TPOLY letter 080/2569 dated 10 September 2569, which was reported to the Stock Exchange of Thailand. Ms. Onanong Intharaprasit, Chief Executive Officer of KPM Securities Company Limited, in her capacity as lead underwriter and debenture holders' representative, said the company has maintained its stance against the rehabilitation petition from the outset in order to fully protect the rights of debenture holders, and that this court order is a positive signal that allows it to move forward with demands that TPOLY repay its debts to debenture holders without restriction. It has currently prepared as many as three legal teams and is ready to exercise legal rights to the fullest extent to safeguard the interests of debenture holders to the utmost, and it asks all relevant parties to act transparently and fairly toward every debenture holder. The court order dismissing the rehabilitation petition is beneficial to TPOLY debenture holders because it means TPOLY does not receive protection to suspend debt payments during the rehabilitation process. Debenture holders therefore retain the full right to demand repayment and to enforce their claims through legal proceedings. KPM Securities will closely monitor developments and will inform debenture holders when there is any significant progress.
TPOLY.BK · Regulation · Positive Court dismissed the rehabilitation petition, so TPOLY avoids debt-payment suspension and faces full repayment demands from debenture holders.
KPM Securities Company Limited · Regulation · Positive As debenture holders' representative, KPM Securities can now pursue TPOLY debt repayment without rehabilitation restrictions after the court dismissal.
TPCH.BK · Regulation · Neutral TPCH's rehabilitation petition against TPOLY was dismissed by the Central Bankruptcy Court, an unfavorable legal outcome for the petitioning creditor.
Central Bankruptcy Court dismisses TPCH petition to rehabilitate TPOLY
Thai Polycons Public Company Limited, or TPOLY, informed the Stock Exchange of Thailand that on 9 September 2026 the company was notified by the Central Bankruptcy Court that the court had issued an order dismissing the business rehabilitation petition filed by TPCH Power Holdings Public Company Limited, or TPCH, which is both a subsidiary and a financial creditor of TPOLY. Earlier, TPCH had filed a petition seeking the rehabilitation of TPOLY with the Central Bankruptcy Court on 28 August 2026, docketed as case number ฟฟ 13/2569. However, after consideration, the Central Bankruptcy Court found no reasonable grounds for TPOLY to enter the rehabilitation process under Section 90/6, paragraph one, of the Bankruptcy Act B.E. 2483 and its amendments, and therefore issued the order dismissing the petition. TPOLY stated that if there are any significant developments regarding the matter, the company will disclose information to the Stock Exchange of Thailand in accordance with the relevant criteria.
TPCH.BK · Regulation · Negative TPCH's business rehabilitation petition against TPOLY was dismissed by the Central Bankruptcy Court for lack of reasonable grounds.
TPOLY.BK · Regulation · Positive The Central Bankruptcy Court dismissed TPCH's rehabilitation petition, sparing TPOLY from entering the business rehabilitation process.
SEC Warns TPOLY26NA Bondholders to Exercise Voting Rights at Sept. 11 Meeting
The Securities and Exchange Commission (SEC) warns bondholders of Thai Polycons Public Company Limited's TPOLY26NA bonds to exercise their rights at the 1/2569 bondholders' meeting, which will be held on September 11, 2569 at 2:00 p.m. at the Beyond The River meeting room, 57th floor, One City Centre building, Ploenchit Road. The key agenda is to consider options for enforcing collateral on common shares and to approve the bondholders' representative to take legal action on behalf of bondholders. The SEC requires the bondholders' representative to analyze the pros and cons and impacts of approving or not approving each option, and advises bondholders to carefully study the information and seek additional details before casting their votes.
TPOLY Faces Bankruptcy Court as TPCH Files for Business Rehabilitation
Thai Polycons Public Company Limited (TPOLY) has disclosed that TPCH Power Holding Public Company Limited (TPCH), a financial creditor and subsidiary, has filed a petition with the Central Bankruptcy Court for the rehabilitation of TPOLY under the Bankruptcy Act B.E. 2483 and its amendments. The case is registered as Black Case No. Por.Por. 13/2569, filed on August 28, 2569. The court is currently considering whether to accept the petition. TPOLY stated that it will closely monitor progress and will disclose information to the Stock Exchange of Thailand upon any court order or significant development.
TPOLY.BK · Regulation · Negative TPOLY faces a bankruptcy court rehabilitation petition filed by creditor TPCH, threatening its restructuring/insolvency.
TPCH.BK · Regulation · Negative TPCH, a subsidiary, filed the bankruptcy rehabilitation petition against its creditor-parent TPOLY, signaling financial distress at the subsidiary.
SEC Warns TPOLY253A Bondholders to Exercise Voting Rights at Meeting on Sept 1
The Securities and Exchange Commission (SEC) reminds bondholders of TPOLY253A bonds issued by Thai Polycons Public Company Limited to exercise their voting rights at the 5th bondholders' meeting of 2026, which will be held on September 1, 2026, at 1:30 p.m. at the Victor 4 meeting room, 7th floor, Mitrtown Office Tower, Rama 4 Road, Bangkok. Key agenda items include the revocation of resolutions passed at the 4th meeting of 2026 held on July 31, 2026, and the authorization for the bondholders' representative to take legal action against TPOLY and/or the mortgagor, as well as approval for TPOLY to bear the legal costs until the case is concluded. The SEC requires the bondholders' representative to analyze the pros and cons and the impact of approving or not approving each option, along with reasons and opinions, so that bondholders can carefully study the information and exercise their rights to protect their own interests.
TPOLY.BK · Regulation · Negative SEC-supervised bondholders' meeting will vote on revoking prior resolutions and authorizing legal action against TPOLY and its mortgagor, signaling default-related legal and regulatory pressure.
SEC warns TPOLY253A bondholders to attend meeting on 31 July on debt extension and principal repayment term changes
The Securities and Exchange Commission (SEC) disclosed that Thai Polycons Public Company Limited will hold the 4th bondholders' meeting of 2026 on 31 July 2026 at 10:00 a.m. at the company's office. Key agenda items include waiving the non-payment of principal and interest as an event of default, revoking the acceleration of all debts, extending the bond maturity date, and changing the principal repayment installment conditions. The SEC requires the bondholder representative to clearly analyze the pros, cons, benefits, and impacts of each option, along with supporting opinions, and urges bondholders to study the information carefully, exercise their rights, and seek information from the bondholder representative to make an informed voting decision.
TPOLY defaults on 36 million baht bond payment, accelerates land sales to boost liquidity
Thai Polycons Public Company Limited, or TPOLY, has defaulted on the second principal installment of its secured bond TPOLY253A, amounting to 36 million baht, which was due on 30 June 2026. The default stems from delayed asset sale proceeds and slower-than-planned collection of payments from construction projects. The company is urgently seeking new funding sources and has appointed agents to sell several vacant land plots, including a plot on Ram Inthra Road with an appraised value of 463 million baht, to enhance liquidity. It is also preparing to hold a bondholder meeting to request a waiver of the default. On the business strategy front, the company is downsizing its organization and shifting focus to small and medium-sized construction contracts worth 20 million to 300 million baht, targeting construction service revenue of 1 billion baht for 2026.
Thailand