Debt restructuring praised<\/p>\n
BANGKOK (AFP): Thailand has struck the right balance between
\ngovernment intervention and private action in restructuring its
\ncorporate debt, reports said Saturday.<\/p>\n
The chief regional counsel for Chase Manhattan Bank, John
\nKnight, dismissed local criticism that the pace of debt
\nrestructuring was too slow.<\/p>\n
\"Here we are talking about a large number of companies in the
\neconomy that have gone insolvent, so the process is going to take
\ntime,\" Knight was quoted as saying by The Nation daily.<\/p>\n
A large number of Thai businesses became insolvent when the
\nregional economic crisis erupted here in mid-1997.<\/p>\n
\"Now it is truly the responsibility of the banks and
\nshareholders to do their jobs in getting the deals closed,\" said
\nKnight, who also sits on a debt restructuring committee set up by
\nthe Indonesian government.<\/p>\n
But Knight added that the Thai crisis had revealed other
\nweaknesses which also needed to be addressed. These ranged from
\nunderdeveloped legal and accounting practices to an ill-prepared
\ngovernment bureaucracy.<\/p>",
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"sponsor": "Okusi Associates",
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