TPI Polene proposes new refinancing terms for US$ 1.1bn debt

Thai cement maker TPI Polene PCL has proposed new refinancing terms for its US$ 1.1bn debt, which will require a plan amendment, a legal adviser to the company’s creditors said. Lersak Kancvalskul, a lawyer at Clifford Chance Wirot Ltd., was speaking after TPI Polene’s mediation process in the Bankruptcy Court ended at creditors’ request. The court initiated the process last year to aid TPI Polene’s public share offering to repay part of its debt.  With the success of the offering earlier this year, the mediation process was no longer required.  The next step in solving TPI Polene’s debt problems is to meet with its creditors to discuss the company’s newly proposed terms.