THAI PETROCHEMICAL
February 1st, 2002
BY MARK ROWE
CREDITORS of Thai Petrochemical Industry have refused a request by Thailand's largest loan defaulter for an extra year in which to raise US$200 million from asset sales. Two of the company's creditors vetoed a request for an extension until the end of 2002, said an official at creditor-appointed manager Effective Planners Ltd. The creditors, together with around 100 others, had earlier agreed not to take action after Thai Petro missed a December asset sale deadline.
CREDITORS of Thai Petrochemical Industry have refused a request by Thailand's largest loan defaulter for an extra year in which to raise US$200 million from asset sales. Two of the company's creditors vetoed a request for an extension until the end of 2002, said an official at creditor-appointed manager Effective Planners Ltd. The creditors, together with around 100 others, had earlier agreed not to take action after Thai Petro missed a December asset sale deadline.
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