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TAMC declares Mr. Roy Issaraporn Chutapha Case

Real Estate Press Releases วันพุธที่ ๘ มกราคม พ.ศ. ๒๕๔๖ ๐๘:๓๖ น.
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Bangkok--Jan 8--TAMC

The Thai Asset Management (TAMC) clarifies that Eastern Real Estate Co.,Ltd. has not been transferred to the TAMC. As for Mr. Roy Issaraporn Chutapha, a guarantor of Siam Land Holding (1990) and Siam Power and Electric, whose assets have been granted final receivership, the TAMC has taken step to exercise its share right of the assets. This will provide the TAMC with another 65 million baht.

Mr. Somjate Moosirilert, the TAMC's President, states it is far from the truth that Mr. Roy Issaraporn Chutapha and Eastern Real Estate has benefited from a debt restructuring deal where their combined debt of 4,385.99 million baht have been reduced by the TAMC to only 131.57 million baht or 3 percent, thereby causing severe losses of more than 3.1 billlion baht to the state-owned banks, including Bank Thai, Bangkok Commercial Asset Management Company (BAM), Siam City Bank, and Krung Thai Bank. This is because Eastern Real Estate has not been transferred to the TAMC as cited in the newspaper

In addition, Mr. Somjate says that the court has recently declared Mr. Roy bankruptcy and places his assets under final receivership. As a result, the TAMC as a creditor of the Siam Land Holding (1990) and Siam Power and Electric where Mr. Roy was a guarantor will gain 65 million baht from exercising its share right. The total debt amount will be paid over five years at an annual interest rate of 5.25 percent

Mr. Somjate elaborates on Siam Land Holding (1990) and Siam Power Electric, with Mr. Roy as a guarantor, that the TAMC has acquired their debt of 2.15 billion baht from four financial institutions, namely Bank Thai, Phetchaburi Asset Management Company (PAM), Bangkok Commercial Asset Management Company (BAM), and Ayudhya Finance Company. In this connection, on May 2, 2002 the TAMC's Executive Board has approved to restructure the two companies by taking transfer of collaterals, including properties and securities listed in the Stock Exchange of Thailand (SET), to cover their dues. (If the price of the pledged shares are lower than the closing price before the trading is suspended, the guarantor will have to be responsible for paying the difference) Beside the transfer of collaterals, the firms have to sell their shares that are not listed in the SET at the determined price so as to provide proceeds in cash to the TAMC. In addition, all three guarantors must declare their assets to prove that they are not capable of additional payments. However, if the debtors or guarantors are found owning assets significantly different from what they previously declared, the debt restructuring plan will be defaulted and original amount of debt repayment will be applied.

Siam Land Holding (1990) and Siam Power and Electric are categorized as holding companies and do not actually run businesses. Their guarantors have declared that the amount of their debts exceeded that of assets. Thus, they are not able to fulfill debt settlement. Debt restructuring of the companies has been handled by means of continuous negotiation between the TAMC and debtors. According to the debt restructuring plan, the TAMC will receive a total proceeds of 676 million baht or 160 percent of the transfer price and will not suffer any losses. On the other hand, if the TAMC rejects the debt restructuring plan, it will recover less proceeds. In addition, the TAMC will receive a further 65 million baht from exercising its share right Mr. Roy's assets which were under final receivership. As a result, the total proceeds the TAMC expected to receive will be approximately 740 million baht.   End.

-SN-

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