Reuters | December 28, 2010 | Manunphattr Dhanananphorn
BANGKOK, Dec 28 (Reuters) – Thailand’s Central Bankruptcy Court on Tuesday approved a rehabilitation plan for fixed-line phone firm TT&T Pcl involving the restructuring of 26 billion baht ($862 million) in debt. After the court’s decision, TT&T shares rose 6.5 percent to 0.49 baht, at one stage hitting a two-week high of 0.50 baht. The main index <.SETI> was flat.
The plan includes debt reduction, a debt-to-equity conversion and repayment, TT&T Chief Executive Suwan Assadanukul told reporters. Creditors had been seeking repayment of 61 billion baht in debt. Suwan, who is in charge of the five-year rehabilitation plan, said TT&T, which has cash in bank deposits of 2.4 billion baht, was due to repay 5 percent of debt to creditors within 15 days.
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