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Thai Petrochemical Industry Creditors Supportive of New Management.
Jul. 4--Creditors of Thai Petrochemical Industry yesterday expressed cautious support for a new government-appointed team to run the company after receiving assurances that founder Prachai Leophairatana would play no role in the restructuring.
Andres Klocke, head of KfW's Southeast Asia office, said the government had said that the new TPI management team would exclude Mr. Prachai or other members of the Leophairatana family.
Members of a five-person team set up by the Finance Ministry yesterday met with major TPI creditors including KfW, the German development bank.
The new team is led by Gen Mongkol Ampornpisit, also chairman of Krung Thai Bank, and includes Thanong Bidaya, Aree Wong-araya, Pala Sookawesh and Pakorn Malakul na Ayudhya.
Gen Mongkol said Mr Pala, a former governor of state oil giant PTT Plc, would serve as the new chief executive officer of TPI. Mr. Pakorn, a former deputy governor of the Bank of Thailand, would serve as chief financial officer.
A new restructuring plan was expected to be completed within three months after the team was formally named as plan administrator, Gen Mongkol said.
Creditors will meet on Monday to vote on a new plan administrator, followed by a hearing on July 11 before the Central Bankruptcy Court.
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- Magazine article from: Journal of Southeast Asian Studies Kelley, Liam C. February 1, 2007 700+ words
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