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Article: TPI Debt Saga Drags On.(Thai Petrochemical Industry)(Brief Article)
- Article from:
- Chemical Week
- Article date:
- February 7, 2001
- Author:
CopyrightCOPYRIGHT 2001 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Setting a Precedent for Thai Firms
EFFORTS TO RESTRUCTURE Thai Petrochemical Industry's (TPI) $3.8-billion debt continue to overshadow all other events 1 Thailand's petrochemical sector. TPI's debt saga, which began in 1997 with the onset of the Asian economic crisis, is likely to drag on well into 2001. Solving TPI's problems is a sensitive issue in Thailand, because it is likely to set a precedent for other much-needed corporate debt restructuring there. TPI is Thailand's biggest corporate debt defaulter.
TPI's 150 creditors and Thailand's Central Bankruptcy Court approved a debt restructuring devised by consulting firm Effective Planners (Melbourne) ...