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Thai Tele ist heute in BKK um über 11 % gefallen, da sich
bei der Klärung der Schuldensituation neue Schwierigkeiten auftun,
u.a. ist die Einsetzung eines Schulden-Restrukturierers auf den
29. Mai verschoben worden.
Insgesamt soll die Entschuldung noch 17,5 Jahre dauern, eine lange
Zeit. Trotzdem sehe ich mittelfristig Potential, sobald die
Finanzsituation geregelt ist, und offensichtlich tut sich hier etwas.
TT&T ist eines der größten Unternehmen in Thailand und wird wohl kaum Pleite gehen; Telekommunikation ist ein Zukunftsmarkt.
Ich warte ab und bleibe investiert.


Quelle: http://www.nationmultimedia.com/

TOT appeals against TT&T`s debt plan


THAI Telephone and Telecommunications` efforts at debt-restructuring face an unexpected snag from the Telephone Organisation of Thailand, which has appealed to the Central Bankruptcy Court against the company`s debt plan.

On May 4 the TOT had appealed to the court against TT&T`s debt-restructuring term and asked it for permission to participate in the company`s debt-clearing process.

The court accepted the appeal yesterday, ordering the meeting of TT&T`s creditors to select a debt-restructuring planner to be postponed to May 29. They had originally been scheduled to meet to decide the issue yesterday.

A highly placed source from the TOT said the debt plan, overwhelmingly approved by creditors in March, had failed to take into account the portion of debt owed to the state agency. The state agency claims TT&T kept it in the dark when the agreement was being hammered out.

"We want to be part of the debt-restructuring process since we are the owner of TT&T`s concession. Our participation will ensure consumers gain benefit from the debt plan," said the TOT`s appeal statement.

The state agency also said the company had never discussed the process for debt-retiring with the TOT.

TT&T has a total debt under the Corporate Debt Restructuring Advisory Committee of Bt44 billion, of which around Bt13 billion is owed to non-committee creditors, including the TOT.

TT&T said it owed Bt3.6 billion to the TOT. According to its debt plan, TT&T stated clearly that it would square off its debt with the state agency.

"But it owed us more than Bt3.6 billion. Even after squaring off, TT&T still has a huge debt to repay us," the source said.

The source added that the state agency would start lobbying all TT&T creditors to help it draft a separate debt-restructuring plan, instead of allowing TT&T to independently outline it.

Meanwhile, vice president of TT&T Vitit Sajjapong said he would try to settle the conflict with the state agency as soon as possible.

TT&T has asked the court for full authority to proceed with drafting its debt plan while it enjoys immunity from any possible lawsuit from its creditors, who may disagree with the plan later but are powerless to do anything about it.

It also asked the court for the right to be the sole legitimate author of its debt plan.

"Opposition from the state agency is likely to delay our debt-clearing process. If TT&T is selected to be planner, the company will be able to complete the process within three months," Vitit said.

TT&T is also in a deadlock with Alcatel, its only supplier/creditor to

reject the debt plan. Alcatel claims the debt condition failed to take into account the future of TT&T`s business direction.

As of the end of last year, TT&T`s total equivalent debt and payables stood at approximately Bt44.36 billion, of which Bt23.56 billion was owed to secured lenders and Bt20.79 billion to unsecured lenders, including Bt7.28 billion owed to major supplier/creditors. According to the debt plan approved under the debt committee`s supervision, TT&T divided its Bt30 billion debt burden approved by the debt committee into three parts. It put Bt19 billion into the first loan tranche, Bt5.5 billion into the second tranche and Bt6.1 billion into the third.

The first loan tranche will be retired within 12.5 years, with a two-year grace period. The interest on this loan will be paid on a monthly basis.

The debt in the second tranche will be retired within 14.5 years with 12.5 years of grace. That in the last tranche will be paid within 17.5 years with 14 years of grace.

TT&T is also allowed to convert the debt in the third tranche to equity but not in excess of Bt1 billion.

Furthermore, TT&T will have to raise capital of Bt5 billion, of which Bt3 billion will be used to pay debts within two-and-a-half years. The rest will be set aside for corporate management.

BY SOMLUCK SRIMALEE, AND

USANEE MONGKOLPORN

The Nation

LAST MODIFIED: Monday, 08-May-00 12:08:17 EDT


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