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Thailand Court Declares Finance Firm Bankrupt.
Apr. 3--A milestone of sorts was reached yesterday when the Central Bankruptcy Court declared Finance One bankrupt and placed in receivership.
Finance One was the last and the largest of the 56 finance companies seized by regulators in 1997 to be wound up. At the end of 2000, the company had assets of 40.28 billion baht and outstanding liabilities of 90.4 billion.
Kamol Juntima, chairman of the Financial Sector Restructuring Authority, said 28.8 billion baht in funds had already been distributed to creditors, with 65.81 percent paid to the central bank's Financial Institutions Development Fund.
Of the remaining assets, 4.7 billion baht have ...
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- Bangkok Post, Thailand, Arnat Leemakdej Column.
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By Arnat Leemakdej, Bangkok Post, Thailand Knight Ridder/Tribune...Cambridgeshire try to minimise external finance until they become better established...velocall.com. To see more of the Bangkok Post, or to subscribe to the newspaper...