The Central Bankruptcy Court postponed a hearing by TPI to exit debt rehabilitation. As some cases relevant to TPI's rehabilitation plan had not been ruled, the company will not be allowed to exit the plan just yet. This will delay the legal battle to win control of the country's largest petrochemical complex, Thai Petrochemical Industry Plc (TPI).
The court is mulling the legitimacy of the e-auction of 250 million shares of TPI Polene, petitioned against by the founder Prachai Leophairatana. The TPIPL shares sale is one of more than 45 TPI related cases under consideration by the bankruptcy court. The court agreed to Mr Prachai's request to delay its hearing on exit plans pending the verdicts of the Supreme Court on more than 10 TPI cases raised by him.
However, the rehabilitation planner said the delay of the hearing would not affect TPI's debt restructuring as it had already succeeded in restructuring debts in accordance with the rehabilitation plan.
02-Feb-06 
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