TPIPL to call meeting with creditors

TPI Polene Plc (TPIPL), the country’s third-largest cement producer, said it will call a meeting with creditors to consider the revision of the company’s business rehabilitation plan in November, especially on the extension of the plan’s timeframe.  "TPIPL and its creditors’ committee are under the processes of the plan’s revision in order to extend the timeframe of the plan. We expect that we will be able to call for a meeting of all creditors to consider the revised plan by this November," TPIPL said in its report to the Stock Exchange of Thailand (SET).

The Central Bankruptcy Court last week turned down TPIPL’s rehabilitation timeframe extension request, given that the request is against the bankruptcy law since TPIPL has yet to revise its plan. The court suggested that TPIPL should revise its plan before seeking the plan’s timeframe extension from the court.

TPIPL’s legal advisor Chavalit Atthasart said the company plans to hold a meeting of creditors in November to ask for approval on a plan to revise TPIPL’s rehabilitation plan. After that, TPIPL will seek approval for the plan’s timeframe extension from the court.

Prachai Leophairatana, TPIPL’s chief executive officer, told reporters that he will certainly hold a meeting of his firm’s creditors to ask for approval for the plan’s extension. He added that there should be no problem because TPIPL’s creditors’ committee has already agreed in principle on the plan extension request.  TPIPL wants to revise its rehabilitation plan to allow it to pay five billion baht of unpaid interest to creditors in cash instead of swapping the debt to capital as originally planned.