Ice-machine maker ready to exit rehab plan, bags
Ice-machine manufacturer Patkol recently signed a memorandum of understanding with its business partner, The Atlas Ice, for the latter's purchase of 10 more tube-ice machines.
The company is also ready to exit the rehabilitation plan once its financial status complies with rules.
Malaysian firm The Atlas Ice, the world’s largest producer of tube ice, took delivery of the 215th tube-ice machine from Patkol at a cost of Bt8 million, with 70 tonnes daily production capacity, said Piya Chongvata, chairman of Patkol.
After acquiring the 215th machine, The Atlas Ice’s tube-ice production capacity totals 10,000 tonnes.
Piya said their relationship of 25 years was not limited to selling and purchasing, which so far amounted to Bt1 billion. Patkol also takes part in designing, planning, installing, operating and even changing consumer attitudes towards ice products.
Currently, The Atlas Ice has 87 ice-making plants – in Malaysia, Indonesia, Brunei, Singapore and Cambodia.
Patkol entered the rehabilitation plan in 2009 because of lack of financial liquidity and negative shareholders’ equity. Its shares have been suspended since May 10 last year.
Patkol director Panet Chongva-tana reported to the Stock Exchange of Thailand that the company was ready to exit the rehabilitation plan with the repayment of Bt7.01 million to the first group of creditors and Bt6.15 million to the second, third and fourth groups of creditors.
In 2010, the company converted its debts into equity to repay creditors and recorded net profit of not less than Bt100 million from normal operations.
The rehabilitation planner submitted a request to the Central Bankruptcy Court on October 4 last year to end Patkol’s rehabilitation. However, because of the floods, the court postponed the court-order date from Monday.
