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Thailand: TPI creditors agrees to 6-month extension of debt rehabilitation period.
(From Thai Press Reports)
Section: Corporate News - Creditors on Friday approved a six-month extension for the US$2.7-billion debt rehabilitation period for Thai Petrochemical Industry Plc until the end of June 2006, the Bangkok Post reports.
According to Chanin Sutikirtsana, the official receiver, creditors representing 95.6% of TPI's outstanding debt of 100.24 billion baht participated in the vote. Creditors representing 67.6 billion baht voted in favour of the extension, those representing 7.3 billion baht voted against it and the rest, representing 23 billion baht in debt, abstained.
The vote follows a petition filed by Bangkok Bank, one of the leading creditors, to the Central Bankruptcy Court this week asking for the plan to be extended. The extension will take effect on approval from the bankruptcy court, which is scheduled to consider the matter on Wednesday. Some foreign creditors opposing the extension believe they can make more money by converting debt into equity at a cheap price and selling the shares later for large gains as TPI's prospects improve. Creditors voting against the extension included Citigroup, JP Morgan Europe, Bank of America and Mizuho Bank.
According to the debt restructuring plan, TPI needs to either raise funds to repay debt by selling newly issued shares to strategic partners or convert the debt into equity, with creditors then ending up controlling 90% of the company.
A representative from Bangkok Bank said on Friday that selling TPI shares to ...
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