DJ Thai Court To Rule On TPI Polene

DJ Thai Court To Rule On TPI Polene
Published: 25 November 2005

Thailand’s Central Bankruptcy Court is scheduled to rule Tuesday on a petition by TPI Polene PCL to extend its debt restructuring plan for one more year to the end of 2006, the company said in a statement to the Stock Exchange of Thailand.  Creditors of the company, Thailand’s third largest cement maker by sales and capacity, have agreed to the extension of the debt plan, the statement said.  The company has said 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. It is scheduled to repay some of the debt, bringing the sum down to THB24 billion by the end of this year.  Its major creditors are KFW, Bangkok Bank PCL, Standard Chartered Bank (Thai) PCL and J.P. Morgan Chase & Co.