Thursday, July 09, 2020

Cooperatives dept to negotiate payment terms for THAI debentures

May 29. 2020
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By The Nation

The Cooperatives Promotion Department will meet 81 savings cooperatives that have bought Thai Airways International (THAI) debentures to negotiate the repayment of the Bt42 billion debt, which they are seeking on June 4.

Meanwhile, the Central Bankruptcy Court has accepted THAI’s request for rehabilitation under the bankruptcy law.

Phichet Wiriyapaha, the department’s director general, said on Thursday (May 28) that officials from the Legal Execution Department will also be called in to provide information about the procedure of seeking debt repayment under these circumstances.

He said that two savings cooperatives used 15 to 20 per cent of their assets to buy THAI’s debentures, while five used 10 to 15 per cent, 15 used 5 to 10 per cent and 59 used less than 5 per cent of their assets.

THAI is liable for the repayment of debentures as follows:

Bt1.108 billion to 20 cooperatives by September;

Bt3.224 billion to 24 cooperatives in 2021;

Bt4.971 billion to 35 cooperatives in 2022;

Bt3.349 billion to 30 cooperatives in 2023;

Bt3.445 billion to 28 cooperatives in 2024;

Bt5.201 billion to 32 cooperatives in 2025;

Bt2.070 billion to 26 cooperatives in 2026;

Bt2.518 billion to 27 cooperatives in 2027;

Bt5.608 billion to 41 cooperatives in 2028;

Bt3.789 billion to 19 cooperatives in 2029;

Bt956 million to 10 cooperatives in 2030;

Bt1.479 billion to 18 cooperatives in 2032;

Bt1.170 billion to 21 cooperatives in 2033; and

Bt3.292 billion to 23 cooperatives in 2034.

Phichet said THAI’s liquidity stood at Bt7 billion, while of its assets worth over Bt52 billion, Bt28 billion belonged to savings cooperative members and more than Bt1.3 billion was used to buy THAI debentures.

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