| Headline: TPI pleads capital dearth in restructuring Source: Euromoney Date: February 2001 Author: Gill Baker Mired in debt, Thai Petrochemical Industry is Thailand’s biggest restructuring headache. Central to the problem is a perceived difference over strategy between TPI’s management and recovery practitioner Ferrier Hodgson. If TPI is to pull itself clear of trouble, its managers claim, it needs access to large amounts of working capital that are not currently forthcoming.
Lenders have spent a year thrashing out a restructuring plan, amid objections from TPI management and protests from refinery workers and working with a court system deemed “too debtor friendly” by many. Now the company is asking for another $200 million to $250 million in working capital to bring its downstream petrochemicals production up to full capacity. “If we have enough working capital then everyone will get paid in full. | |||||||||||||||||||||||||||||||||||||||||