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Showdown imminent over best path for debt-ridden Thai Petrochemical.
Byline: Wichit Chantanusornsiri
Aug. 3--A showdown between debt planners and Prachai Leophairatana, the founder of Thai Petrochemical Industry, is expected to come to a head over the next few weeks, as authorities come closer to approving a new restructuring plan for the industrial giant's US$2.65-billion debt.
Plan administrators appointed by the Finance Ministry have drafted a plan calling for new capital of 12 billion baht to be raised by TPI to help offset existing debt.
If no subscription rights were offered to existing shareholders, the new capital issue would result in Mr Prachai's 10 percent stake in TPI being diluted to just 4 percent, ...
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