Rail

Debt restructuring needed for Bangkok’s Skytrain

Posted on July 1, 2002

Bangkok’s Skytrain is facing financial uncertainty unless its creditors agree to a debt restructuring plan that includes writing off massive accrued interest, reported the Associated Press. Bangkok Mass Transit System (BMTS), the private company operating the Skytrain, owes about $850 million to Thai and international creditors, about $580 million of which is U.S. dollar-denominated loans, reported the AP. The BMTS hopes to have a restructuring plan in place by the end of the year. The plan includes writing off a $122 million accrued interest and 25-year repayment on the principal at an interest lower than the minimum lending rate. The BMTS also wants at least 35% of the debt to be converted into equity and conversion of the U.S. dollar loan into baht, said the AP. The Skytrain opened in December 1999 as a solution to commuter gridlock. The system did not live up to expectations, partially due to expensive tickets and a limited reach. Fares on the system range from 25 cents to $1.10 compared with 12 cents on a bus. The company, the only private commuter system in Asia, needs 650,000 passengers to make a profit, said the AP. Ridership is currently about 280,000, up from about 160,000 in December 2000.

View comments or post a comment on this story. (0 Comments)

More News

Calif. High-Speed Rail CEO announces departure

Jeff Morales was named CEO in May 2012 and will work closely with the authority’s board to ensure the smooth transition of a successor. He will remain on board until June 2.

Siemens launches new business to digitalize the U.S. rail industry

Powered by software tools, the Digital Service business will help rail operators reduce unplanned downtime, improve operational efficiency, and enable improved business planning and performance, as well as generate energy and cost savings.

Metra to seek proposals for new railcars, engines

The exact number will depend on the responses to the RFP, the amount of funding available, and whether Metra can use financing alternatives, such as leasing, to maximize its funding.

Siemens diesel-electric locomotives to begin operation on Calif. train

The Charger clean diesel-electric locomotives are the first high-speed passenger locomotives to receive Tier IV emissions certification from the FRA.

Alstom delivers last of 22 Venezuelan metropolis trainsets

The Alstom-led consortium “Grupo de Empresas,” together with Colas Rail and Thales, subcontracted by Consorcio Linea 2, is responsible for the project, including engineering, integration, and commissioning of the electromechanical works on a turnkey basis.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close