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Prachai 'has right' to repay debt.
Byline: Busrin Treerapongpichit
Jun. 3--Prachai Leophairatana, the founder of Thai Petrochemical Industry, is within his legal rights in his efforts to overturn a restructuring plan drafted by the Finance Ministry by settling the company's debt in his capacity as the loan guarantor, says a former bankruptcy court judge.
Key to the case is the fact that Mr Prachai has personally guaranteed a considerable portion of TPI's $2.7-billion debt.
The law states that the creditors are fully empowered to seek repayment from a guarantor, according to Pichai Nilthongkam, the former chief justice of the Central Bankruptcy Court who oversaw the court in 2003 when it named the Finance Ministry as the TPI plan administrator.
At the same time, the law also states that creditors must accept repayments presented by a guarantor without condition.
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