Thai Court approves TPI Polene Debt extension

Thai Court approves TPI Polene Debt extension
Published: 30 November 2005

Thailand’s Central Bankruptcy Court Tuesday approved a one-year extension of TPI Polene PCL’s debt restructuring plan to the end of 2006, Prasert Ittimakin, TPI’s senior vice president for finance and accounting, said.  Creditors of the company, Thailand’s third-largest cement maker by sales and capacity, earlier agreed to the extension of the debt plan, he said.  The company had petitioned the court for the extension, saying it is not ready to exit the debt plan by the end of this year as earlier scheduled because competition in the cement market remains intense.  The company currently has outstanding debt of THB26 billion ($631 million). It is scheduled to repay some of the debt, bringing the sum down to THB24 billion by the end of this year.