Creditors of TPI Polene Plc overwhelmingly approved changes to the company’s debt restructuring plan, the Bangkok Post reports. The changes will allow TPIPL, the country’s third largest cement producer, to repay 5.1 billion baht in accrued interest through cash. The plan had previously called for the unpaid interest and fees to be converted into equity.
Some 99.89% of participating creditors, representing debt of 25.3 billion baht, approved the amendment, according to official receivers. Another approved change would extend the debt restructuring period for another 12 months until the end of 2005. Under the agreement, creditors also approved an increase in capital expenditure from $200 million to $400 million per fiscal year.