Creditors of Jasmine International Plc yesterday approved a plan to restructure 11.8 billion baht of the telecoms group's debt, a source said.

"About 59% of creditors voted in favour of the plan," said the creditor, who asked not to be named. The plan needed 50% support to pass. Creditors include Bangkok Bank and HSBC.

The creditor said the plan, which involved a write-off, a debt-equity conversion and share issue, was subject to Central Bankruptcy Court approved.

Shares of Jasmine, founded by Comerce minister Adisai Bodharamik, hit a seven-month high last month on hopes the restructuring would succeed. The stock closed yesterday at 4.34 baht, down 12 satang, in heavy trade worth145.14 million baht