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Thai Cement Company Given Deadline to Finish Talks with Investors, Creditors.
Byline: Parista Yuthamanop
Jul. 4--The Central Bankruptcy Court yesterday gave TPI Polene until July 22 to finalise talks with potential investors and creditors.
Failure to demonstrate progress by the deadline could lead the court to rule on creditors' petition to remove Prachai Leophairatana as the plan administrator for the cement company.
Creditors had been pushing for TPIPL to sell off a 75 percent stake to Siam City Cement, the country's second-largest cement producer and a unit of Swiss-based Holcim.
But Mr Prachai, who has resisted the idea of a sell-off, failed in his efforts to raise $180 million through a public offering earlier this year as required under the restructuring plan.
Creditors had petitioned the court to remove Mr Prachai due to the failure to meet restructuring targets. The court instead directed TPIPL to continue talks with Siam City Cement.
At a mediation session yesterday at the court, TPIPL executives said it had been approached by an unidentified financial investor to take a stake in the company.
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