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Published on July 23, 2007

TAMC has completed restructuring 65 per cent of assets under its management, and the remaining 35 per cent, worth Bt260 billion, has been put on sale, managing director Somjate Moosirilert said last week.

"About 99.9 per cent of assets [under TAMC's management] found debtors, but some debtors don't want to enter into the debt-restructuring process as they think the collateral is not worth it," he said.

"We have achieved our mission. We had estimated that we would take around 10 years, but it took us only six. Our remaining tasks are following up the debt-restructuring plans with debtors and divesting non-performing assets."

TAMC was founded to manage Bt770 billion worth of bad loans, 81 per cent of which once belonged to state-owned banks and the remainder to private banks.

Somjate said that when TAMC shuts down a new company would not be set up to take over the management of the assets.

He said that Bt70 billion-Bt80 billion of the Bt260 billion worth of assets had collateral and only Bt2 billion worth of collateral had been sold.

Another Bt40 billion-Bt50 billion worth of assets with collateral would be put on sale, he said.

Last year TAMC earned Bt20 billion from managing assets and Bt4 billion from the loss-gain sharing scheme.

Siriporn Chanjindamanee

The Nation