TPI pleads capital dearth in restructuring
Thai Petrochemical Industry is Thailand’s biggest restructuring headache. And if it is going to pull itself out of trouble, its managers claim that it needs access to large amounts of working capital. But that is not forthcoming.
|TPI needs the stevedores to move more oil drums
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.
TPI is Thailand's largest defaulting corporate debtor. It owes $2.9 billion in principal and $800 million in accrued interest, in eight currencies, to some 150 creditors from 40 countries.