News Forum - Major creditors to rescue distressed Italian-Thai Development

[Thaiger]

Italian-Thai Development (ITD) Plc, currently facing financial distress, is set to receive an infusion of funds from its major creditors. The provision of fresh capital is aimed at bolstering the company’s operations without necessitating any rehabilitation plan. Bangkok Bank (BBL) President Chartsiri Sophonpanich, who is also a key ITD creditor, underlined the strong long-term business … …

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[Marc26]

That's a pretty major construction company in Thailand 

[Fanta]

4 minutes ago, Marc26 said:

That's a pretty major construction company in Thailand 

Indeed. The CEO/co-owner was sentenced to 3 & 1/2 years jail for the killing of a black leopard a few years back. And when the cat’s away …. 

[Vigo]

IMO, throwing money waway on a dying entity. Looks to me like some people were sucking the profits out of the firm, while not supporting the firm's financial stability,  for too long.

[cowslip]

22 hours ago, Thaiger said:

Italian-Thai Development (ITD) Plc, currently facing financial distress, is set to receive an infusion of funds from its major creditors. The provision of fresh capital is aimed at bolstering the company’s operations without necessitating any rehabilitation plan. Bangkok Bank (BBL) President Chartsiri Sophonpanich, who is also a key ITD creditor, underlined the strong long-term business … …

The story Major creditors to rescue distressed Italian-Thai Development as seen on Thaiger News.

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shouldn't have wasted his time cooking and eating panthers.

[MrStretch]

It would be interesting to know which side of this corporate partnership is responsible for the mess it finds itself in, or if it's a combination of two incompetents propping each other up.

I think BBL is hoping for a bit of a miracle in their new approach to the company so they don't have to take a major hit by having all the money they gave devolve into NPLs.

[cowslip]

 

Italian-Thai Development (ITD) Plc is a  successful Thai construction company

 

It was founded in 1958 by Chaijudh Karnasuta, a Thai entrepreneur, and Giorgio Berlingieri, an Italian businessman.

The partnership began in 1954 when they collaborated on salvaging sunken ships from the Chao Phraya River.

The company became a publicly listed company on the Stock Exchange of Thailand (SET) in 1994.

It grew in size and political influence – in 1997  ITD survived the 1997 Asian financial  crisis after a successful “business rehabilitation” process – e.g. more money poured in.

They are known for constructing major infrastructure projects in Thailand, including the Suvarnabhumi Airport.

Today, ITD has interests not just in Thailand but also around Southeast Asia.

Premchai Karnasuta, the former president, was indeed involved in a poaching incident at Thungyai Naresuan Wildlife Sanctuary in February 2018.

Park rangers apprehended Premchai Karnasuta and his associates while they were camping within the sanctuary.

they found them with weapons, the remains of a black panther (including its skin and soup made from its tail), and other protected wildlife carcasses.

The incident sparked significant public outrage in Thailand due to the grossness of the crime and Premchai's prominent position.

The case “went through” the Thai legal system:

 Premchai denied the charges. However, after appeals, Thailand's Supreme Court  found Premchai, his driver, and his hunting guide guilty in December 2021. They received prison sentences for poaching and possessing wildlife carcasses.

Due to “time served” and changes in wildlife protection laws, Premchai was released from prison in December 2022.