TPI Polene To Pay Full $650m debt To creditors

TPI Polene To Pay Full $650m debt To creditors
Published: 20 September 2004

TPI Polene PCL (TPIPL.TH), Thailand’s third-largest cement maker, plans to repay all of its debt worth $650 million, without any write-down, to creditors, the Bangkok Post reported over the weekend.  "I’m confident that TPI Polene’s debt restructuring is going to have a happy ending because the creditors will receive every single dollar back," TPI Polene Chief Executive Prachai Leophairatana was quoted as saying.  Previously, TPI Polene had asked for a waiver of $150 million in accrued interest and a 10% write-down on part of its debt.  Prachai said the full amount of existing principal worth $650 million will be paid over the next two years via a refinancing plan.