Media firms unite against CTH rehab plan 

Legal representatives from 15 media companies appeared at the court for inquiry yesterday to reserve their rights as CTH’s debtors in opposing the company’s petition for court protection after the court accepted the case on October 20. The petition had been lodged by eight members of CTH’s executive committee, including CEO Amarit Sukhavanij and company director Thana Tummanon. The Thailand Cable TV Association is also among the parties in the appeal.
The court has not ruled on the case yet. 
Hearings with legal advisers from both sides will start in March and a decision on whether to approve CTH’s bankruptcy petition is expected by April.
Under condition of anonymity, a legal adviser for one of CTH’s debtors said he had no confidence in CTH’s proposed rehab plan. 
Under the plan, the company wants to move into the new business of operating a biomass-fuelled power plant. 
“However, CTH lacks experience in this kind of business. So I personally believe that CTH might intend to delay other legal processes regarding debt payments,” the source said. 
Sontaya Noicharoen, founder of and a consultant at Silom Advisory and the legal adviser for CTH, said CTH wants to bring all 104 debtors to the negotiation table with this rehab plan. 
“If the rehab plan is approved by the court, the company has to develop the actual plan for rehabilitation within three months and invite all debtors to review the plan or commence negotiating the plan,” he said.
However, if the court rejects the rehab plan, the company must begin the repayment process with all debtors. 
He acknowledged that the English Premier League is a key magnet for CTH. When the company failed to secure the right to telecast the EPL’s new season, CTH’s pay-TV service became less attractive.
Faced with huge losses, CTH decided to pull the plug on its service early this year, leaving its customers behind. The broadcasting regulator then decided to revoke CTH’s broadcasting licence.