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Italian-Thai Development Plc to Hold Vote on Debt Restructuring.
Byline: Charoen Kittikanya
Dec. 5--Italian-Thai Development Plc is moving ahead with its plan to restructure its 20 billion baht in debts and has scheduled a creditors' vote for Dec 24.
ITD Planner Co, the company's planner, had completed the proposal and submitted it to receivers last Friday, the company told the Stock Exchange of Thailand yesterday.
Details of the plan would be outlined to creditors at the Dec 24 meeting at Bangkok's Queen Sirikit National Convention Centre, the company said.
Analysts said they expected the new plan was unlikely to differ much from an earlier one, under which Italian-Thai was to buy back five billion baht in debt at discounts of up to 65 percent .
The earlier plan also proposed rescheduling two billion baht in debt repayments over seven years and converting an additional 2.4 billion baht in debts into equity.
The company would also sell non-core assets, including shares in Thai Telephone and Telecommunication (TT&T) and Bangkok Mass Transit System Plc, the skytrain operator, and use the proceeds to buy back debts.
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