Bank Stands by Troubled Poultry Processor17 September 2013
THAILAND - A bank that is a major creditor of poultry processing company, Saha Farms, has confirmed that it is standing by the company and not seeking new partners.
Krungthai Bank (KTB) has insisted that it is not seeking new partners for troubled Saha Farm Group, one of Thailand's leading poultry exporters.
The Nation of Thailand reports KTB president, Vorapak Tanyawong, said that as a major creditor of Saha Farm, which is subject to a debt-restructuring and rehabilitation plan, KTB was setting aside two credit lines for the group to continue its business.
One line is for emergency purposes while the other, which requires negotiation with other Saha Farm creditors, is for running the business.
In response to a remark by former Constitutional Court head, Wasan Sroypisut, over the potential risk inherent in the state-run bank jointly extending loans to the 350-billion-Baht water-management project, Mr Vorapak said he expected no problem, as loan disbursement would only take place on the basis of progress made in the mega-project.ThePoultrySite News Desk