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Thai Petrochemical Firm's Administrators Complete Plan to Clear Remaining Debt.
Apr. 2--Administrators overseeing Thai Petrochemical Industry have finalised a new restructuring plan that will cut debt to $1.8 billion from $2.945 billion now.
The plan calls for TPI's capital to be written down by 90 percent through a par value reduction to one baht per share from 10 baht to eliminate retained losses.
Creditors will also increase their shareholdings in TPI to 90 percent from 75 percent now after a debt-to-equity swap of $670 million in debt.
Debt principal of $2.72 billion baht will be covered in the agreement, including the debt-to-equity swap. Most of the debt will be restructured over four to 12 years, while $225 million in accrued interest will be written off.
Trading in shares of TPI was suspended yesterday ...
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Source: HighBeam Research, Thai Petrochemical Firm's Administrators Complete Plan to Clear...