Epic Green Line debt saga ends as Bangkok Metropolitan Administration (BMA) settles ฿36.4 billion with BTS Group Holdings (BTS)
The Bangkok Metropolitan Administration (BMA) clears ฿36.4 billion debt to BTS for the Green Line extension, reducing financial pressures and enabling future investments
On October 30, 2025, Keeree Kanjanapas, Chairman of BTS Group Holdings (BTS), announced that the company had received full payment for the operating costs of the Green Line extension from the Bangkok Metropolitan Administration (BMA). The total payment amounted to ฿36,444 million, which included ฿31,482 million in principal and ฿4,962 million in interest.
This payment marks the resolution of a long-standing debt dispute, which began in 2017 when the BMA stopped paying the operating costs for the Green Line extension. The issue escalated, and BTS filed lawsuits to claim the outstanding amount, ultimately leading to favorable court rulings for BTS in 2024 and 2025.
Keeree expressed his gratitude to Bangkok Governor Chadchart Sittipunt, thanking the BMA for its timely settlement of the debt, which was made just hours before the deadline. This payment has significantly improved BTS’s debt-to-equity ratio, reducing it from 1.3x to 1x, allowing the company to pursue future investments.
Keeree emphasized that BTS’s goal was never to profit from the interest charges but to resolve the matter in a way that respected public funds, given that the debt stemmed from taxpayer money. With the payment settled, BTS will now focus on investing further, including repaying previous loans and bonds totaling approximately ฿15 billion.
The company plans to allocate an additional ฿20 billion towards operational costs and further investments, pending board approval. This marks a significant step for BTS as it continues to support the growing infrastructure demands in Thailand.
Surapong Laoha-Unya, Chief Executive Officer of MOVE Business Division and Managing Director of Bangkok Mass Transit System (BTS), explained that the debt issue had been ongoing since 2017, with the first debt arising in December 2017 after the extension to Samrong was opened. The root cause of the debt stemmed from the Bangkok Metropolitan Administration’s (BMA) cessation of payment for operational costs starting in May 2019. This halt occurred after the government issued a National Council for Peace and Order (NCPO) order, mandating discussions on extending the concession. The BMA understood it was awaiting cabinet approval for contract amendments, but the debt continued to accumulate.
The first lawsuit, filed in 2021, demanded repayment of ฿10,978 million in principal and ฿3,499 million in interest, totaling ฿14,477 million. BTS sought BMA’s joint responsibility for the payment along with The Krungthep Thanakom (KT). On July 26, 2024, the Supreme Administrative Court ruled that both the BMA and KT were liable for the payment, and the BMA settled the debt.
The second lawsuit was filed in 2022 as the debt continued to accumulate daily. BTS claimed an additional ฿10,128 million in principal and ฿2,708 million in interest. The Central Administrative Court ruled that both the BMA and KT were jointly responsible for the debt, and the BMA did not appeal the decision. The total amount settled today is ฿36,444 million, which includes the second lawsuit’s debt as well as interest accrued after the filing date.
Source: https://www.nationthailand.com/business/corporate/40057536
