Thailand takes 'last chance' to reform financial markets
Wednesday 15 October 1997
The measures included the pledge to dismiss managers of badly performing financial companies and set up agencies to manage the suspended financial companies. But there was no word about a new bankruptcy law to replace Thailand's current archaic legislation. The omission fuelled speculation that foreign creditors, who have invested more than $5bn in the suspended financial companies, may be prevented from retrieving their loans by selling off the companies' assets.
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