Tanayong reorganisation okayed
Tanayong Plc, a property developer and the operator of Bangkok's BTS Skytrain, has received approval from the Central Bankruptcy Court for its amended reorganisation plan, says a company statement. Under the amended plan, which the court approved yesterday, the company will issue 533.33 million new shares to creditors as debt-to-equity conversion and another 4.27 billion shares to new investors.
The new investors will become a major shareholder in Tanayong, with an aggregated holding of 80 per cent, while the creditors will hold 10 per cent and the existing shareholders another 10 per cent of total restructured capital.New investors are preparing due diligence. The company said in its filing the outcome should be known at the beginning of next month. The next step to perform, in accordance with the business reorganisation plan, are cash payments and assets transfer as debt repayment within 60 days from the capital-increase date. The Nation
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