Business Services Industry
Krung Thai Bank withdraws offer to back TPI unit.
Australasian Business Intelligence, August, 2003
Aug 18, 2003 (The Asian Wall Street Journal - ABIX via COMTEX)
TPI Polene had been hoping to receive a loan to help it "buy back" $US1.1 billion in debt from its creditors. The $US750 million loan was to have been arranged for the Thai cement maker by Krung Thai Bank. However, TPI Polene advised the Thai stock market on 14 August 2003 that Krung Thai had withdrawn its loan offer until such time that a debt-restructuring plan concerning TPI Polene's parent company, Thai Petrochemical Industry (TPI), has been resolved. TPI is currently Thailand's biggest debt defaulter. The Krung Thai board, in advising it had backed down on its loan offer, indicated it did not want to be seen to getting involved in the "relationship" between Prachai Leophariatana, the founder of...
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