Bankruptcy court delays compromise

Bankruptcy court delays compromise
Published: 23 January 2004

A decision on a compromise over the restructuring of TPI Polene Plc has been postponed for three months in the Central Bankruptcy Court, pending a decision by Krung Thai Bank, one of the company's creditors, on refinancing some loans.  The delay comes only a week after TPI Polene raised new capital through a successful share issue in which demand outstripped shares on offer.  Apichart Pantkaesorn, a legal adviser of Bangkok Bank, TPIPL's main creditor, said the court's chief justice Phisuth Srikachorn, after mediating a meeting between TPIPL's rehabilitation planner Orapin Leophairatana and the creditors' steering committee, had decided to postpone making a decision until April 26.  The postponement came after Krung Thai Bank said that its due diligence on new loans to be provided to the cement maker would not be concluded for another three weeks.