Thai Petrochemical Industry Plc (TPI) seeks a nod of approval from the Central Bankruptcy Court to exit business rehabilitation, as TPI will repay debts of US$1.48 billion to the creditors of TPI. The funds come from the sale of new TPI shares to strategic investors led by PTT Plc, existing creditors and the sale of 249 million shares of cement subsidiary TPI Polene Plc.
A day after the company exits rehabilitation, the administrator will call a shareholders' meeting to seek approval for restructuring the TPI board, which is anticipated to run smoothly, despite expectations that Prachai Leophairatana, TPI's founder, is to file a petition against the request. Mr Prachai has waged legal battles for seven years to preserve his control of the company.
06-Jan-06 
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