Deutsche Bank is the skytrain operator's largest secured creditor with total loans of Bt24.48 billion.

A creditor source said the decision to take legal action against Deutsche Bank was made because other creditors are concerned the bank would choose liquidation of locomotives to settle debts for BTS' business rehabilitation plan.

Liquidation of locomotives is one of two options available in the proposed plan. If the bank opts for liquidation, it will damage all creditors, the source said.

So far, Deutsche Bank has not objected to anything in the proposed plan and even participated in the creditors' committee, though it is the largest creditor.

"The seven creditors who will jointly take legal action against Deutsche Bank are owed around US$500 million (Bt17.9 billion). We are considering where we should lodge the lawsuit. If we don't do anything, it may damage our interests. Deutsche Bank now acts in a way as if it does not want to protect other creditors' interests but rather protect the debtor," the source said.

Deutsche Bank is the only secured creditor who cast a vote to support the business rehabilitation plan proposed by the plan administrator.

Siriporn Chanjindamanee

 The Nation