METRO Magazine Logo
MenuMENU
SearchSEARCH

Debt restructuring needed to save Bangkok's Skytrain

The Skytrain can not continue operations unless it creditors agree to a debt restructuring plan that includes writing off massive accrued interest.

August 5, 2002
1 min to read


Bangkok's Skytrain can not continue operations unless it creditors agree to a debt restructuring plan that includes writing off massive accrued interest, reported the Associated Press. The private company that operates the two-line system, Bangkok Mass Transit System (BTS), owes about $854 million to its Thai and international creditors, including $580 million in U.S. dollar-denominated loans, reported the AP. The BTS hopes to have a debt restructuring plan in place by the end of the year. The plan would include writing off $112 million in accrued interest and 25-year repayment on the principal at an interest lower than the minimum lending rate. BTS 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 in the hopes that it would help clear up commuting gridlock. The service never took off as expected, partially due to expensive tickets and limited reach. The company, the only private commuter system in Asia, needs 650,000 passengers a day to make a profit. Ridership is currently 278,000, up from about 160,000 in December 2000.

Topics:Rail

More Rail

Managementby StaffMay 29, 2026

Seattle’s Sound Transit Adopts Updated ST3 System Plan

The updated system plan incorporates cost savings across the agency, including new revenue sources and financial policies, to set the agency on a sustainable path for the future.

Read More →
An EMBARK bus going down the street.
Managementby Alex RomanMay 28, 2026

Inside Look: EMBARK Expands Fare-Free Transit Program Through New Public-Private Partnership

The OKC transit agency says sponsorship helps subsidize the Third Friday Free initiative while reducing barriers for first-time riders and boosting ridership across buses, streetcars, and river cruises.

Read More →
Managementby StaffMay 27, 2026

North Carolina's Metropolitan Transit Commission Concludes Decades of Leadership

To commemorate the occasion, current members of the MTC were presented with a custom painting of the Charlotte Transportation Center in Uptown.

Read More →
Ad Loading...
HDR's Brian Buchanan
Managementby Alex RomanMay 27, 2026

The Evolving Role of Program Management in Transit Delivery

Brian Buchanan, HDR’s transit program management lead, discusses how agencies can strengthen governance, anticipate risk and deliver large-scale projects more effectively.

Read More →
A blue and white graphic with text reading "New Bill to Invest in America's High-Speed Rail System."
Railby Staff and News ReportsMay 27, 2026

High-Speed Rail Proposal Aims to Transform U.S. Passenger Rail Investment

The legislation pairs rail expansion with housing, safety, and economic development goals designed to reshape how regions grow around transit.

Read More →
WMATA 7000-series railcars at Navy Yard
Railby StaffMay 27, 2026

FTA Invests $166M to Modernize America’s Passenger Rail Infrastructure 

The Administration said the funding will support capital projects to replace outdated rail rolling stock, including passenger railcars and propulsion vehicles used in public transportation service.

Read More →
Ad Loading...
Emily DeVito and her children
Managementby Alex RomanMay 26, 2026

Rays the Mark Foundation to Honor CDTA’s Emily DeVito at October Fundraiser

Event at Chicago-area Ravisloe Country Club will support DeVito, a transit employee and mother of twins battling kidney failure and awaiting a transplant.

Read More →
MTA Metro-North Railroad railcar up close
Railby StaffMay 22, 2026

New York MTA Issues RFP for 252 Metro-North Passenger Cars

The competitive RFP includes an option to purchase an additional 377 cars, reserved for future expansions of the Metro-North service area. 

Read More →
Tri-Rail Train
Railby StaffMay 22, 2026

SFRTA Partners on “Are You OK?” Mental Health Awareness Campaign

Supported by a $56,500 grant from the Federal Railroad Administration, the program will combine targeted public education campaigns with specialized training for SFRTA employees, contractors, and regional partners.

Read More →
Ad Loading...
The inside of a rail car with passengers, and a surveillance camera fixed to the ceiling.
RailMay 22, 2026

Major Rail Projects Don’t Have to Mean Major Security Gaps

Crowded platforms. Temporary routes. New risks. Discover why video tech is critical during rail upgrades.

Read More →