Business Services Industry
Debt Deal Paves Way for Bangkok, Thailand, Transit Line Extension.
Knight Ridder/Tribune Business News, January, 2004
By Charoen Kittikanya, Bangkok Post, Thailand Knight Ridder/Tribune Business News
Jan. 31--Bangkok Mass Transit (BTSC), the operator of the skytrain, agreed with creditors yesterday to restructure 32.4 billion baht in debt after four years of negotiations.
"We started debt talks four years ago after being in operation for only two years. During that time we had a difficult time dealing with the debt issue, given the relatively low income from fares and the skyrocketing debt and interest rates caused by the baht devaluation," said Kasem Chatikavanich, the BTSC chairman.
"But after the last meeting with creditors held on Thursday, we have achieved what we were aiming for. We have settled the debt talks and now are able to go ahead with...
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