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Thai Petrochemical Firm Fails to Meet Interest Payments.
Byline: Busrin Treerapongpichit
Oct. 3--Thai Petrochemical Industry Plc said yesterday that it had failed to meet interest payments as required under its rehabilitation plan.
Executives at Effective Planners, plan administrator for TPI, said the 400 million baht missed payment was a result of state policy ordering oil refineries to raise daily reserves to 10 percent from 6 percent.
TPI expected to be able to pay the interest due within the five-day period allowed under the restructuring plan.
Prachai Leophairatana, the former TPI chief executive who was ousted from the company's management by Effective Planners, claimed the default stemmed from the administrator's low experience in the industry. "Under the management of Effective Planners, TPI will go bankrupt. The firm has nothing more to lose now," he said.
TPI executives said the five-month delay in securing $80 million in credit lines for working capital had led to the problems. But other staff said high advisory and security fees approved by Effective Planners also contributed.
Meanwhile, TPI Polene, 49 percent held by TPI, issued a statement yesterday saying that its proposed sale to Cemex had been negotiated with full transparency.
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