Keree to sue BTS creditors over duplicated debt claims
Keeree Kanjanapas, chairman of the Bangkok Mass Transit System (BTS), said yesterday he would file criminal law suits against creditors who intentionally submitted duplicate debt claims against the Skytrain operator.
Today the official receiver will conclude the total debt figure of BTS to be restructured further. Creditors have filed claims totalling Bt77 billion. However, Keeree said the exact figure to be restructured would be lower because some creditors had intentionally filed duplicate claims. For example, some groups of creditors sold part of their debts to other creditors but filed claims for the full amount rather than the remaining amount. "This has created confusion," Keeree said. He said he would follow the Central Bankruptcy Court's judgement on whether to revise the debt-restructuring plan in response to a petition by foreign creditors. Some foreign creditors said the existing plan drawn up by Keeree was unfair because it forced them to lose as much as Bt35 billion. Keeree insisted yesterday that he had made the plan according to laws and relevant regulations. "If the creditors think it is unfair and want to ask the court to revise it, they can do it. Let's wait for the court's ruling," Keeree said. The foreign creditors also want BTS to pledge a Skytrain concession right as loan collateral. Keeree said this could not be done as the concession was granted by Bangkok Metropolitan Administration to BTS and cannot be transferred to others. Keeree insisted he could not give privilege to some creditors in debt restructuring as it would be unfair to other creditors. The foreign creditors also complained that the debt-to-equity swap price at Bt15.80 per share according to the plan was too expensive. However, Keeree said the holders of convertible debentures issued by BTS also have to buy BTS shares when they convert the debentures into common shares at the same price. If he were to give too cheap a price to foreign creditors, it would be unfair to convertible debenture holders, he said. On Wednesday, BTS creditors will vote on the debt-restructuring plan. However, the Central Bankruptcy Court could postpone the voting date because of the petition by the foreign creditors.
Siriporn Chanjindamanee The Nation
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