IFEC begins rehabilitation with top advisors for Dara Thewi Hotel

The Central Bankruptcy Court ordered the rehabilitation of Inter Far East Energy Public Company Limited (IFEC), the original owner of Dara Thewi Hotel, and appointed Deloitte Planner as the financial advisor and Phoenix Advisory Services as the legal advisor.

The announcement, made today, follows IFEC’s petition for rehabilitation under case number black ฟฟ.7/2566 according to the Bankruptcy Act B.E. 1940 and its amendments. The court set a hearing for the order yesterday, January 29 at 9am and subsequently approved the rehabilitation and appointed IFEC to execute the plan under case number red ฟฟ. 2/2567.

IFEC will expedite the development of the rehabilitation plan to present to creditors as soon as possible and will keep all stakeholders informed about the progress of the rehabilitation. Creditors of the company can submit debt repayment requests under the law to the Debtor’s Rehabilitation Department of the Legal Execution Department, Ministry of Justice, within the timeframe set by the law.

This development is part of an ongoing saga involving the Dara Thewi Hotel, which has seen intense bidding wars and legal complications. A recent auction saw the hotel’s price soar by 10% in a single year, ending at a staggering 3.59 billion baht after 69 bids. However, complications arose when the winning bidder was reportedly unable to make the payment, leading to further turmoil and an unresolved situation regarding the hotel’s ownership and management.

The appointment of Deloitte and Phoenix Advisory Services marks a significant step in IFEC’s efforts to navigate through its financial turmoil and set a course for recovery. The advisors are expected to bring their expertise to bear in formulating a viable plan that satisfies creditors and allows the company to regain its footing in the industry. The eyes of investors, creditors, and the hospitality sector remain fixed on the unfolding developments, as the storied Dara Thewi Hotel enters a new chapter in its history, reported KhaoSod.