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Headline: Thailand – Restructuring victory Source: Euromoney Date: April 2000 Thailand’s new bankruptcy court sent out an encouraging message to international lenders in March when it declared the country’s largest debt defaulter insolvent in a benchmark case that paved the way for its restructuring. Thai Petrochemical Industry (TPI) owes $3.5 billion to lenders including Bangkok Bank, Citibank, the IFC, US Export-Import Bank and Bank of America. Led by its chief executive, Prachai Leopairatana, it argued its assets still exceeded its liabilities, and that Prachai should be allowed to remain in control of the company. |
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