1.   Thai companies are continuing to import Cambodian timber despite the ban imposed by the UN and the Cambodian government in January.

2.   Alphatec Electronics Pcl and Somprasong Land Pcl became the first two Thai companies to default on international debt, while the government spent billions to prop up the baht.

3.   Alphatec is the second Thai company this year to miss a payment on a Eurobond.

4.   And fully half the foreign currency-denominated debt held by Thai companies is held by Japanese banks.

5.   Bangkok Land last year became the first Thai company to default on international debt.

6.   Bayer has established a joint venture with Thai company Premier for its plastics business.

7.   A more speculative play is Telecom Asia, a Thai company that runs telephone and cable television operations in Bangkok.

8.   A key reason is that Thai company bosses still have a strong antipathy to selling their holdings.

9.   Alphatec is one of many Thai companies who may soon have to go to creditors on bended knee.

10.   But lately, analysts say, the pace of restructuring among large, debt-ridden Thai companies has picked up.