SSM debt restructuring plan worries the Japanese

SSM debt restructuring plan worries the Japanese

The current situation of the Thai mill Siam Strip Mill Public Company Limited is arising tension between Thai and Japanese authorities. Upon the company's going under bankruptcy process, its creditors voted to approve a business rehabilitation plan. However, Tokyo is worried that the case is not fair enough for the Japanese creditors of the company, not having authority to manage such debt restructuring of the company. Such problem arose after the total debt of SSM rose to Baht 61.5 billion (approx. $1.5 billion), Baht 22.2 billion of which was guaranteed by Japans Ministry of International Trade and Industry. The Japanese creditors of SSM are Citibank Tokyo branch, Itochu Group and Sumitomo Corp.