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Thailand: Daidomon Group to file rehabilitation plan.
(From Thai Press Reports)
Section: Corporate News - Daidomon Group Plc is to file a business rehabilitation plan featuring a 50-per-cent debt forgiveness with the Central Bankruptcy Court by January, an executive said on Wednesday, The Nation reports.
"We are in a negotiation process with creditors concerning the rehabilitation plan. If they agree with the plan, we will submit it to the court soon, or by January next year at the latest," Daidomon director Pudhimate Lertviriyasate said.
Major creditors include Krung Thai Bank and Thanachart Bank, each owed 30 per cent of Daidomon's debts.
The company suspended debt repayments of Bt656.6 million on June 17 because it faced a cash constraint problem after the Securities and Exchange Commission instructed it to correct overstated financial reports for the full year of 2002 and the first and the second quarters of 2003.
The instruction led to charges against Daidomon's former chairman Chisiro Fukuda, former vice chairman Pisal Charaslertrangsee and former vice chairman Kanchanok Likhitsirisup. They were accused of cooking the books and misleading the public about the company's true financial condition.
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