Bangkok Bank, the largest creditor to TPI, remains confident that the TPI restructuring would be completed by the end of the year and that no further amendments would likely be needed, and the company's restructuring plans will not get derailed. This statement was made in the wake of the court decision to refuse additions to the board of Thai Petrochemical Industry. The Central Bankruptcy Court last week rejected a petition by TPI planners to appoint new directors to the petrochemical giant, ruling that no board changes were possible until TPI formally exited its business restructuring.
The TPI restructuring plan calls for PTT, the Government Savings Bank, the Government Pension Fund and the Vayupak Fund to take a combined 61.5% stake in TPI. Bangkok Bank's exposure to TPI was estimated at 30 billion baht, or around 3% of the bank's total loan portfolio. Delays in the TPI restructuring should not affect Bangkok Bank's operating results.
20-Sep-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}