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Former Executive Steers Investors away from Thai Petrochemical.
Byline: Soonruth Bunyamanee
Jul. 28--Prachai Leophairatana, former president of Thai Petrochemical Industry, unveiled his latest shot in the battle to regain control by warning potential new investors that any contracts with creditor-appointed managers or administrator Effective Planners could be nullified in the future.
TPI is seeking investors to buy its power plant, liabilities owed by cement firm TPI Polene and shares owned in two firms. TPI hopes to raise $200 million from the sale of non-core assets this year, with funds used to repay creditors and as working capital as called for under the four-year, $3.7-billion restructuring plan.
But Mr Prachai said buyers of the energy plant or shares could have their contracts nullified by the court.
The Supreme Court is reviewing whether Effective Planners, which represents TPI's creditors, was able to serve as TPI's plan administrator.
Mr Prachai alleges that Effective Planners, named administrator in April 2000 by the bankruptcy court, was registered only as an adviser in Thailand. If the appeal was held up, Effective Planners' decisions to date, including the appointment of current TPI president Tongchat Hongladarom, could be considered void.
"Since the beginning of the year, Effective Planners has been unable to meet its financial targets," he said. "That's ...
- Bangkok Post, Thailand, Company Reports Column.
- Newspaper article from: Knight Ridder/Tribune Business News December 17, 2002 700+ words
Bangkok Post, Thailand Knight...according to Effective Planners Ltd, the company...this year, Effective Planners, TPI's management...amortisation. Effective Planners has approved...more of the Bangkok Post, or to subscribe...
- Bangkok Post, Thailand, Business Briefs Column.
- Newspaper article from: Knight Ridder/Tribune Business News October 4, 2001 700+ words
Bangkok Post, Thailand Knight Ridder...creditors, according to Effective Planners Ltd, the administrator...agreement with creditors, Effective Planners said. PROPERTY AUCTION...To see more of the Bangkok Post, or to subscribe to...
- Supreme Court rules in favour of Effective Planners.
- News wire article from: Asia Africa Intelligence Wire June 25, 2004 700+ words
...News - The Supreme Court has upheld Effective Planners' appeal to revise Thai Petrochemical...the former managers of TPI charged Effective Planners of being unqualified to manage TPI...by the deadline set in the plan. Effective Planners proposed changing the deadline...
- Former TPI Boss Alleges Embezzlement by Debt Restructuring Firm.(Priachai...
- Magazine article from: Chemical Week MOLLET, ANDREW May 16, 2001 700+ words
...filed a criminal lawsuit against Effective Planners (Melbourne), alleging that Effective Planners' executives embezzled baht21 million...Laos. TPI's creditors appointed Effective Planners last year to devise a restructuring...
- Effective Planners asks to extend the time limit for selling TPI's assets -...
- News wire article from: Asia Africa Intelligence Wire April 11, 2002 700+ words
Effective Planners, the company managing Thai Petrochemical...amend TPI's reifnancing plan. Effective Planners wants to delay the time limit...TPI's creditors. Previously, Effective Planners asked to amend the plan to postpone...
- Effective Planners files claim on ex-TPI executives.
- News wire article from: Asia Africa Intelligence Wire April 16, 2003 700+ words
...fnWEB - Bangkok - April 16, 2003 - Effective Planners Ltd., the court-appointed administrator...executives. The petition relates to what Effective Planners claims were payments in advance of...Leophairatana. In mid-March, Effective Planners said it was seeking the compensation...
- Bankruptcy court removes Effective Planners as administrator of TPI debt...
- News wire article from: Asia Africa Intelligence Wire April 22, 2003 700+ words
...s bankruptcy court has removed Effective Planners, as administrator for Thailand...the creditors' representative, Effective Planners, failed to meet a December 2001...court has passed a verdict to remove Effective Planners as debt planner and appoint the company...
- Court throws out suit against Effective Planners - Krungthep Turakij 24/1/02.
- News wire article from: Asia Africa Intelligence Wire January 25, 2002 700+ words
...embezzlement case against executives of Effective Planners (the company managing Thai Petrochemical...launched about 30 lawsuits against Effective Planners, the company managing TPI's refinancing...suit in the Criminal Court accusing Effective Planners executives of embezzling funds ...
- Effective Planners delays TPI sell-off. (News Briefs).(Thai Petrochemical...
- Magazine article from: Chemical Week April 17, 2002 700+ words
Effective Planners, the court-appointed administrator of Thai Petrochemical Industry...by the end of 2001 under the original terms of the plan, but Effective Planners was able to sell only $30 million worth of assets.
- Bankruptcy court removes Effective Planners as administrator for TPI debt...
- News wire article from: Asia Africa Intelligence Wire April 22, 2003 700+ words
...representative after the creditors' representative, Effective Planners, failed to meet a December 2001 deadline to sell $200...repay debt. "The court has passed a verdict to remove Effective Planners as debt planner and appoint the company's former executive...