Beginning Feb 9, the special managers will submit their final reports to the Financial Sector Restructuring Agency ( FRA ) and, on Feb 13-15, to creditors of each company.
22.
The release also noted that the special managers have to secure the cooperation of remaining employees and customers to assess the quality of assets and continue the debt collection process.
23.
In these private meetings, the special managers will report on the current status of the companies, their operating results and any changes since they were officially closed on Dec 8.
24.
The indecisiveness of the existing special managers is thought to be the reason the FRA decided not to separate the assets of the 56 firms into bad and good ones.
25.
SINN Bualuang Plc, which is providing special managers to appraise the assets of the 56 shut-down finance companies, said Monday that it has mandated the managers to conclude on Feb 9.
26.
The Financial Sector Restructuring Authority ( FRA ) will appoint 16 former executives of the 56 defunct finance firms as special managers to oversee the companies'assets, a source in the FRA said.
27.
Paibul Pilantha-ovath, a special manager assigned to take care of Fin-One, said that the creditors, who were divided between two rooms, were pleased with the average loan repayment that they will receive.
28.
According to Chaiyut, Sinn Bualuang has established a system that will allow the new special managers to step in and smoothly manage the next stage of the process-- the actual asset sales.
29.
Together with teams of special advisers provided by international accounting firms, the special managers are now putting together their final reports-- Statement of Affairs-- based on thorough loans reviews and classification of assets.
30.
A statement released by Sinn Bualuang noted the company is now cooperating in the smooth transfer of authority to the new special managers, appointed to oversee the asset sale process now under way.
