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Thai Petrochemical founder foiled in final attempt to derail plan.
Nov. 5--The Constitution Court dismissed a petition filed by Prachai Leophairatana, founder of Thai Petrochemical Industry, which sought to declare the appointment of the firm's administrator as unconstitutional.
Noppadol Soraphong, an adviser to the Constitution Court, said the court voted 13 to 2 to reject the petition, saying that the appointment of the plan administrator did not breach the constitution under article 90/17 of the bankruptcy law.
The Constitutional Court's ruling leaves the Finance Ministry-appointed administrator for TPI unchanged, and opens the door for the company's $2.7-billion-debt restructuring plan to move forward.
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Source: HighBeam Research, Thai Petrochemical founder foiled in final attempt to derail plan.