Copyright 2000 AFX News Limited

AFX - Asia June 20, 2000 Tuesday

HEADLINE: TPI units' rehabilitation petition accepted by bankruptcy court

The Central Bankruptcy Court has accepted Thai Petrochemical Industry Group's petition to rehabilitate three wholly-owned subsidiaries -- TPI Polyol Co, TPI Energy Co and Rayong Tank Terminal Co -- the Bangkok Post quoted court spokesman Phumvut Phuthasuatta as saying. "As the three subsidiaries operate fully integrated petrochemical businesses, their rehabilitation plans are crucial for the TPI Group's overall rehabilitation," he said, adding that as a result, it was important to resolve their problems simultaneously. TPI Polyol, a chemical manufacturer, owes a total of 805 mln baht to 62 creditors, TPI Energy has debts of 369 mln baht to four creditors, and Rayong Tank Terminal owes 3.01 bln baht to 14 creditors, the report said.