Titles to be renamed with 'ASTV' prefix
WORANUJ MANEERUNGSEE
All newspapers under the Manager Media Group Plc (MGR) will be reborn under the ASTV Manager identity after the company gave up following its business rehabilitation plan. MGR decided to end its court-supervised business rehabilitation plan and allow creditors to seize its assets including office equipment and Manager newspaper titles.
However, the group will continue to publish its newspapers. Starting today Manager Daily will have a new name as ASTV Manager Daily. After that, Manager Weekly and Manager Monthly will add the same ASTV prefix to their names.
A member of the editorial staff at Manager Daily denied the newspaper operation was dying. He said all newspapers would come under the new brand similar to the group's ASTV satellite TV, founded by Sondhi Limthongkul, a core leader of the People's Alliance for Democracy (PAD) and the founder of Manager Group (M Group).
''We have been told that no one will be laid off. More than 200 employees will resign from MGR and then apply to work for Asia Satellite TV or ASTV,'' the same staff member said.
If some staff are not willing to join ASTV, they can leave and get compensation.
The source denied that adding ''ASTV'' to the newspaper's title could turn out badly.
''Our newspaper has chosen where we stand. The ASTV brand will make our stance stronger. It will be better for our marketing,'' he said.
Another source said the editor called an urgent meeting to tell staff that nothing would change and the publishing operation would continue to run as normal.
The Manager Group began its debt restructuring in 1999. The group's debts, totalling more than 10 billion baht across more than a dozen companies, were handled as separate accounts by Krung Thai Bank, Sukhumvit Asset Management and the Thai Asset Management Corp. MGR alone has debts of about 3.9 billion baht.
MGR told the Stock Exchange of Thailand (SET) on Nov 3 that the Central Bankruptcy Court would consider the planner's petition to extend the rehabilitation period on Nov 18, a delay from Oct 29.
A source at MGR said the group could not complete the restructuring plan, resulting in a prolonged rehabilitation process.
Trading in MGR shares was suspended on the SET on July 14, 1998. Its major shareholders, as of February 2007, were Krung Thai Bank with 15.55%, ACL Bank 8.78% and Grammar Capital Fund 7.7%
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