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'Show us the money,' bankruptcy court tells TPI founder Prachai.
Byline: Busrin Treerapongpichit
Jun. 1--The Central Bankruptcy Court yesterday offered a clear response to Prachai Leophairatana's plan to take back Thai Petrochemical Industry -- show us the money.
On Thursday, the TPI founder announced a plan to set up a joint venture with the state-owned China International Trust and Investment Corp (Citic) to purchase a 70 percent stake in TPI and refinance the company's $2.7 billion in outstanding debt.
The Finance Ministry, which is overseeing TPI's restructuring, dismissed the proposal and insists it will move forward with its own plan, which includes a 17-billion-share offering to give PTT Plc and other ...
- TPI chief asks Prachai to co-operate.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) June 5, 2006 700+ words
...Petrochemical Industry Plc (TPI) has urged the company's founder, Prachai Leophairatana, to behave...said he hoped that Mr Prachai would allow TPI's restructuring to...criminal suits lodged by Mr Prachai. TPI's subsidiaries include...
- New shove for Prachai: TPI still trying to boot founder out.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) July 18, 2006 700+ words
...the order to remove Mr Prachai. He has alleged that TPI executives, led by chief...held company stock. Mr Prachai said TPI's management team had...Central Bankruptcy Court, a TPI executive said. But Mr Prachai questioned the authority...
- Former CEO regains control of TPI; banks withdraw credit line. (Business &...
- Magazine article from: Chemical Week Moore, Stephen April 30, 2003 700+ words
...five-year battle between Prachai and TPI's creditor banks, which...control of the company. Prachai, who still owns 12% of TPI, along with receivership...of a legal challenge by Prachai, will hinder TPI's ability to pay salaries...
- TPI taking new look abroad as Prachai's problems at home continue.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) October 27, 2006 700+ words
...between creditors, regulators and TPI founder Prachai Leophairatana. TPI entered court-supervised business...public offering two years ago. Prachai Leophairatana, TPIPL's chief...SEC's activities related to TPI, adding that he believed regulators...
- Former CEO to withdraw from TPI.(Prachai Leophairatana, Thai Petrochemical...
- Magazine article from: Chemical Week August 27, 2003 700+ words
Prachai Leophairatana, founder...Petrochemical Industry (TPI), has agreed to withdraw...Suchart Jaovisidha. Prachai will continue to run TPI Polene. That company...year dispute between Prachai and TPI'S creditors (CW, July...
- TPI's Prachai loses control of company.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) May 3, 2006 700+ words
...loophole, with both Mr Prachai as well as the former TPI debt planners and new...said. According to TPI documents, the meeting that Mr Prachai had convened to appoint...authority at all," Mr Prachai said. Shares of TPI closed yesterday on...
- Court rejects Prachai's last efforts: TPI restructuring moves forward.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) November 30, 2005 700+ words
...to oversee the TPI restructuring plan...following a move by Mr Prachai to dismiss the...including Mr Prachai, will hold a 30 percent stake in TPI, assuming all...petition by Mr Prachai to have first rights to the TPI Polene stake...
- TPI cuts off Prachai-allied unit.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) June 7, 2006 700+ words
...wholly owned subsidiaries. TPI Oil, which remains under the control of TPI founder Prachai Leophairatana, has accumulated...further disputes with him (Mr Prachai). But under this situation...have no choice," he said. TPI submitted a letter to TPI...
Source: HighBeam Research, 'Show us the money,' bankruptcy court tells TPI founder Prachai.