THAILAND: Media Group Fails to Meet Debt Restructuring Plan

Thailand's Manager Media Group Plc (MGR) today allowed creditors to seize its assets, including equipment and Manager newspaper titles, after failing to meet the requirements of its court-supervised business rehabilitation plan, reports Woranuj Maneerungsee of 'Bangkok Post'.

The newspapers will be reborn under the ASTV Manager identity with 'Manager Daily' being named ASTV Manager Daily. The Group's two other publications, 'Manager Weekly' and 'Manager Monthly', will also add the same ASTV prefix to their names.

The Manager Group began its debt restructuring in 1999. The group's debts totalled more than 10 billion baht (284,104,000 U.S. dollars) across more than a dozen companies. MGR alone has debts of about 3.9 billion baht (111,263,600 dollars).

A member of the editorial staff at 'Manager Daily' denied the newspaper operation was dying. He said all newspapers would come under the new brand similar to the group's ASTV satellite TV.

"We have been told that no one will be laid off. More than 200 employes will resign from MGR and then apply to work for Asia Satellite TV or ASTV," he added.

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