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Copyright 2000 AFX News Limited

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AFX - Asia

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August 30, 2000 Wednesday

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SECTION: COMPANY NEWS

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LENGTH: 233 words

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HEADLINE: Thai Petrochemical rehabilitation plan deadline extended to Sept 23: report

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DATELINE: BANGKOK

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BODY:

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The Central Bankruptcy Court has approved Effective Planners' request to extend the deadline for submission of Thai Petrochemical Industry Plc's business rehabilitation plan to Sept 23 from Aug 23, the Bangkok Post reported.

Effective Planners managing director Anthony Norman told the court that while 90 pct of the plan has been completed, a one-month delay is needed.

Some major TPI creditors have asked for a revision of the plan as there has been significant changes such as higher oil prices, which consequently boosted operational costs and tightened cashflows, the report quoted him as saying.

The slow pace of economic recovery and rising total debt also need to be considered, he said.

Norman said TPI's business rehabilitation plan will be completed within five weeks as allowed by the law.

He said delays have been primarily due to the need to verify claims totalling 150 bln baht submitted by creditors.

Claims under 110 bln baht were under particular examination due to possible duplication.

Further claims worth 10 bln baht have been filed by suppliers of TPI, Norman said.

He said the company will work at submitting a final plan to the Central Bankruptcy Court ahead of the deadline, or by Sept 11, with voting by creditors expected by end-September.

ck/nt/av

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LANGUAGE: ENGLISH

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SEDOL-NO: 6887638

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ISIN-NO: TH0081010009

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EXTEL-NO: 2289

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LOAD-DATE: August 31, 2000