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Thai Agency Wants Capital Injection or Merger for Lubricant-Base Oil Producer.
Jul. 1--The Industry Ministry is considering alternative ways to revive debt-ridden Thai Lube Base Co, with closure the last resort.
The choices are to inject new capital into the lubricant base oil producer or merge the firm with others in the industry, according to a senior ministry official.
PTT Plc, the former state petroleum authority, has a 30 percent stake in the company and wants to reduce Thai Lube Base's debts to $60 million from $202 million.
This would enable the lubricant firm to seek new credit for raw material purchases and restart its plant, which was shut down a year ago.
PTT earlier said it would relinquish its ...
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Source: HighBeam Research, Thai Agency Wants Capital Injection or Merger for Lubricant-Base Oil...