BUSINESS OVERVIEW

The business segments of TPI group of companies are categorized by product and service as follows:

Petroleum Products : TPI Oil Co.,Ltd.
Lubricant Products : TPI Oil Co.,Ltd.、Thai Petrochemical Industry PCL.
Petrochemicals : Thai Petrochemical Industry PCL.、Thai Caprolactam PCL.
Polymers : Thai Petrochemical Industry PCL.、Thai ABS Co.,Ltd.、
　　　　　　　Thai Synthetic Rubbers Co.,Ltd.、TPI Polyol Co.,Ltd.、TPI Sumika ABS Co.,Ltd.

TPI OIL CO. Ltd.　

TPI Oil Co.,Ltd. was established in December 1993 with the current registered and paid-up capital of Baht 1,000 million with TPI holding 99.99 percent of the shares. The company distributes refined products from TPI Refinery with a fully capacity 215,000 BPD such as Butane, LPG, Cracked Reformate, Unleaded Gasoline, JET/Kerosine, Automotive Diesel Oil, Fuel Oil, and Lubricants which are produced from Lube Base Oil as a raw material from TPI whereby Lubricants of all types are blended at Lube Oil Blending Plant (LOBP) at Phrapradaeng Terminal and marketed under TPI Oil brand, in addition to TPI Oil Lubricant brand, TPI Oil also blend Lubricants as per request by third party customer or repacker.

THAI PETROCHEMICAL INDUSTRY PUBLIC CO.,LTD.

Thai Petrochemical Industry Plc. (TPI) has emerged as the first operator of fully integrated petrochemical industry not only in Thailand but also in Southeast Asia having potentials to be self-reliant in terms of the raw material supply which is available in adequate volume and obtainable at a reasonable price.

TPI's fully-integrated petrochemical industry could very well encompass all the way from the condensate splitter to obtain various raw materials to feed its petrochemical plants, to lube base oil and lube waste treating plants.

The petrochemical project consists of a 360,000-ton-capacity-naptha cracker and 200,000-ton- capacity-styrene monomer plants.

TPI petrochemical products can be divided into two groups as follows:

I. UPSTREAM AND INTERMEDIATE PETROCHEMICAL PRODUCTS

Intermediate petrochemical products derived from the oil refinery process consist of aromatic products and feedstock for plastic resin production as follows:

1) Toluene
2) Mixed Xylene
3) C9 Aromatics
4) White Spirit 3040
　( Used as a raw material for the manufacturing of paint,light wax, wax, rubber, insecticides, ink, glue and resins, and for machinery cleansing, etc. ）
5) Ethylene
6) Propylene
7) Styrene Monomer

II. DOWNSTREAM PETROCHEMICAL PRODUCTS

By having intermediate petrochemical products, e.g. ethylene, propylene and styrene monomer, which are processed through the polymerization method, many types of plastic resins such as olefins and styrenics are produced to serve various applications, e.g. packaging, industrial packaging, automotive and electrical parts, house ware, toys, fishery and agricultural equipment, furniture, pipes, wire and cable insulation, etc. Moreover, TPI products also include compound and composite resins for products requiring special properties as a means to add value to the plastic resins to meet specific customer's requirements.

HIGH DENSITY POLYETHYLENE (HDPE)
PE WAX
POLYPROPYLENE (PP)
　　PP HOMOPOLYMER
　　PP BLOCK COPOLYMER
　　PP RANDOM COPOLYMER
ACRYLONITRILE BUTADIENE STYRENE (ABS)
ACRYLONITRILE STYRENE (AS or SAN)
POLYSTYRENE (PS)
　　GENERAL PURPOSE POLYSTYRENE (GPPS)
　　HIGH IMPACT POLYSTYRENE (HIPS)
　　EXPANDABLE POLYSTYRENE (EPS)
COLOR COMPOUNDS AND COMPOSITES
POLYOL
　　POLYESTER
　　POLYETHER
　　PREPOLYMER
ACETYLENE BLACK

THAI CAPROLACTAM PUBLIC CO.,LTD.

Thai Caprolactam Public Co.,Ltd. (TCL) was established and registered on December 13, 1990, as the country's and Southeast Asian region's first producer and distributor of caprolactam. Principal partners of this joint venture investment comprise Thai Petrochemical Industry Public Co.,Ltd. (TPI), TPI Polene Public Co.,Ltd. (TPIPL), UBE Industries Limited and Marubeni Limited.

Plant construction got under way in TPI industrial park, Rayong Province, in 1993, and completed toward the end of 1996.

The company's annual production capacity for caprolactam and ammonium sulfate, a co-product, is 70,000 and 280,000 metric tons respectively. Caprolactam, a basic raw material for quite a number of other industrial products such as nylon 6 used to produce automobile parts, textile items, fishing nets, etc., while ammonium sulfate is used as fertilizer in crops plantation; thus, it helps reduce the country's dependence on imports of fertilizers as well as facilitates its agricultural development.

THAI ABS CO.,LTD.

Thai ABS Co., Ltd. (TABS) was established in 1991. The company is a producer and distributor of styrenic products such as ABS/SAN (Acrylonitrile Butadiene Styrene/Styrene Acrylonitrile), EPS (Expandable Polystyrene) and PS (Polystyrene).

Among the products manufactured by Thai ABS Co.,Ltd., ABS/SAN engineering plastic resins are vital to the growth of intermediate industries, particularly the automobile industry, electrical appliances and electronic industries and toy industry. The company's annual production capacity of styrenic products now reaches 300,000 tons.

Products :ABS, AS or SAN, EPS, PS

TPI SUMIKA ABS CO.,LTD.

TPI Sumika ABS Co., Ltd. (TSA) is a joint venture company of Thai ABS Company Limited and Nippon A&L Inc. from Japan. TSA supplies ABS resins under the brand "KRALASTIC TM" following the recipe of Nippon A&L. The company's specified grades are well recognized and approved by many Japanese companies in different applications, e.g. electrical appliance part, automotive parts, OA machines, etc.

THAI SYNTHETIC RUBBERS CO.,LTD.

Thai Synthetic Rubbers Co.,Ltd. (TSL), the first of its kind in South East Asia was established in December 1995. Being a backward integration project to the operations TPI cracker, TSL captures value addition through its operation of 65,000 TPY High cis Polybutadiene Rubber Plant.

TSL, a joint venture project by TPI, Ube Industries, Marubeni Corporation & Taiwan Synthetic Rubbers commenced its commercial operation in January 1998.

TPI POLYOL CO.,LTD.

TPI Polyol Company Limited, founded in 1992, is the wholly-owned polyurethane business of Thai Petrochemical Industry Public Company Limited. TPI Polyol Co., Ltd. is recognised as the largest manufacturer of polyurethane-based raw materials in Thailand, following the acquisition of Thai Polyurethane Industry Co., Ltd. in 1996.

TPI Polyol has its manufacturing facility at Rayong, Thailand and produces a wide range of different polyurethane raw materials with applications in sectors as diverse as thermal insulation, bedding and furniture, footwear and flexible packaging.

Its business has grown successfully over the past few years, generating a revenue of Baht 597 million in 1997.

It continues to enjoy a strong domestic market position, while exporting its main products to the Asia-Pacific area including countries like Pakistan, India, Malaysia, Singapore, Indonesia, Australia, Taiwan, Vietnam and to the Middle-East.

TPI Polyol is one of few suppliers in Asia offering the whole range of polyurethane raw materials - polyester and polyether polyols, isocyanates, prepolymers and formulated systems for a variety of polyurethane applications.

（November 27, 2001 Business Asia）

TPI-the Thai bellwether for corporate restructuring

The (now infamous) case of Thai Petrochemical Industry (TPI) -- in and out of the courts, and prematurely hailed as proof of the efficacy of the new Bankruptcy Law -- remains the bellwether for corporate restructuring in Thailand. It is the biggest and baddest -- but also potentially the most resolvable -- of them all. A family-owned business managed by an autocrat, TPI carries US$3.7bn in debt, US$1bn in negative equity, 150 creditors from 40 countries, and 6,300 truculent employees to boot.

In August 1997 the Australian consultancy Ferrier Hodgson was appointed by the Bankruptcy Court to restructure TPI. By early 2000 it had received creditor and court approval for a scheme to swap US$750m of debt into equity, sell off US$20m of assets, and repay US$900m in debt from operating cashflow. Reschedule and restructure, or go bust were the options; properly managed (despite massive over-capacity) the view was TPI was still viable. There were "soft" undertakings, too, such as improving corporate governance, and building effective management information and human resource systems. A new chief executive would lead the way.

But ousted (yet still empowered) entrepreneur Prachai Leopairatana refused to accept his fate lying down. From mobilising the workforce for demonstrations, to filing a rash of lawsuits, Mr Prachai keeps Ferrier Hodgson executives hopping from police station to courtroom. For the latter, persuading creditors, already awash in NPLs from TPI, to come up with US$75m of additional funding is no easy task, especially when the alienated owners are appealing to the Supreme Court to terminate the entire reorganisation plan.

In retrospect, the planners could have done some things better. Early relations with the Leopairatana group, initially cordial, progressively soured. A more Thai-friendly approach to such issues as saving face and respect for seniority might have kept relationships at a folksier level. Human resource management and worker relations in general were neglected, and only became a priority after the threat of industrial action had become real. Appointment of a respected and experienced Thai chief executive, Thongchart Hongladarom, was made only recently, after a dispute over foreigner work permits threatened to leave the rehabilitation team leaderless.

The fate of TPI remains in the balance. The process thus far might yet be derailed by the Supreme Court; the rules governing foreign planners may be changed, causing Ferrier Hodgson to withdraw their services; the ambitious rehabilitation strategy may yet fall victim to Thailand's perilous economy. But if TPI fails, the nation's business environment will feel the impact for many years to come.

（化学工業日報　1997/10/3）

ＴＰＩ、経営危機に　巨額借り入れが圧迫　金融不安で資金調達困難

　タイ最大の石油化学会社、タイ・ペトロケミカル・インダストリー（ＴＰＩ）が経営危機に陥っている。石油化学事業への巨額投資や事業多角化のための借入金が経営を圧迫し、運転資金もショートしている模様だ。現地情報によると、同社は資金調達のために複数の事業売却を検討しているという。このなかには宇部興産など日本企業が参画している合弁事業も含まれ、日本の化学メー力ーなどにも影響がおよぶのは必至だ。また、同社の経営危機は過熱気味の東南アジアの石化投資に冷や水を浴びせる可能性もあり、今後の成り行きが注目される。

　複数の事業売却検討
　ＴＰＩでは今年春に年産能力３５万トンのエチレンプラントのほか、各種誘導品の新設備を完成させた。これらは現在稼働中だが、原料手当ての問題から低操業を余儀なくされているようだ。原料代金の支払いも滞っているといわれ、７月２日の変動為替相場制への移行に端を発したタイバーツの大幅下落が追い打ちをかけている。
　原油やナフサなどの購入はドル建てで行なわれているというが、ドル資金の調達には結局バーツが必要なため、バーツ下落で原料の調達コストは３割近く上昇している。タイでは昨年の不動産バブル崩壊、さらに今年に入っての金融混乱で金融機関の貸し渋りが起こり、ＴＰＩの資金調達にも大きな支障が出ている。
　同社の債権者会議が先月２９日に開かれたが、現地情報によると、同社は借入金の元本返済の猶予を債権者に申し入れたという。借入金総額は３０億ドルともいわれており、金利負担だけでもかなりの額にのぽるものとみられる。
　ＴＰＩでは通貨危機が起こる以前に、年産７０万トンのエチレンプラントを中心とする第二期計画を凍結しているが、今後は資金調達のためにセメントなど複数の事業売却を検討していると伝えられている。このなかには宇部興産と丸紅が参画しているカプロラクタム合弁事業（年産７万トン）のほか、近く立ち上がるポリブタジエンゴムの合弁事業（年産６５千トン）も含まれている模様で、合弁事業からの撤退など大幅な事業の見直しが行なわれる公算が大きい。
　タイのオレフィンセンターはこれまで、半官半民のナショナル・ペトロケミカル（ＮＰＣ）とタイ・オレフィンズ（ＴＯＣ）の２社だけで、年産能カは合計で７５万トンだった。ＴＰＩはこの下流部門の樹脂事業などを担当していたが、今年春にオレフィンプラントを完成させ、原料からの一貫事業体制を整えたばかり。新規誘導品事業ではスチレンモノマーやブタジェンゴムなどがあり、ポリエチレンなどの大幅増設も行なっている。
　同社の経営危機は、バブル時代の多額な借り入れにバーツ危機などの金融・経済混乱が追い打ちをかけた格好だが、同様のケースはほかの東南アジア諸国でも起こり得る可能性がある。東南アジアではインドネシア、マレーシア、フィリピンなどでも多くの大規模石化プロジェクトが計画されているが、投資資金は外貨などへの依存が大きく、財務基盤が脆弱なためだ。さらに通貨下落は各国に波及しており，ＴＰＩの経営危機を発端に投資計画の見直しが広がりそうだ。

Platts 2002/6/11

Thai court endorses restructuring of TPI petchem firm

Thailand's Supreme Court has dismissed appeals by Thai Petrochemical Industry's former CEO Prachai Leophrairatana against TPI's financial restructuring plan, TPI's administrator Effective Planners said Monday in a statement.
The court has confirmed that TPI's restructuring plan is lawful and conforms with all requirements of the Bankruptcy Act, it said. The court also confirmed that all procedures and processes related to creditor voting on TPI's restructuring plan and sanctioning of the plan by the Bankruptcy Court are lawful.
TPI's committee of creditors issued a separate statement Monday saying they hoped the court's endorsement of the plan would enable Effective Planners to implement it unhindered. In late-2001 TPI's debt was valued at $2.87-bil.
TPI is an integrated refiner and petrochemical producer with the following capacities at Map Ta Phut, Rayong:

Product Capacity (mt/yr)

Ethylene

360,000

Propylene

180,000

Butadiene

65,000

Polyethylene

405,000

Polypropylene

250,000

Benzene

110,000

Toluene

130,000

Solvent MX

130,000

Isomer MX

120,000

Styrene

200,000

Polystyrene

100,000

ABS

80,000

　

日本経済新聞　2003/4/22

タイ最大の破たん企業　再建計画は迷走　追放の創業者“復権”

　タイ中央破産裁判所は２１日、経営再建中の化学大手でタイ最大の破たん企業、タイ・ぺトロケミカル・インダストリー（ＴＰＩ）の再建計画実行人として創業者のプラチャイ・レオパイラタナ氏を任命した。銀行団の支援で厳しいリストラを目指してきた外資系コンサルティング会社は再建の遅れを理由に解任された。
　銀行団が経営から追放したプラチャイ氏は労働組合と連携してリストラに反対する一方、外資排除と自らの実行人への就任を破産裁判所に請求してきた。再び経営に関与すれば再建が遅れる可能性が高いとして、債権者などから裁判所の決定に疑問の声が出ている。

日本経済新聞　2003/7/12

タイＴＰＩ、再建へ前進

　タイ中央破産裁判所は１１日、破たんした石油化学大手タイ・ペトロケミカル・インダストリー（ＴＰＩ）の再建を実行する経営陣としてタノン・ピタヤ・タイ国際航空会長（元蔵相）ら５人の財界人を任命した。会社側と銀行団との対立で再建が難航したため、タイ政府が仲裁して５人を推薦していた。新経営陣は新たなリストラ計画を策定する考えで、再建が軌道にのる可能性が出てきた。

Dow Jones Newswires　2003/7/7

Thai TPI Creditors OK Fin Min Team As New Debt Planner

　Creditors of Thai Petrochemical Industry PCL Monday approved the appointment of a team nominated by the Ministry of Finance as the new debt plan administrator of the heavily indebted company.

The court's official receiver told reporters that 93.26% of the creditors who voted, holding debt worth 61.44 billion baht ($1=THB41.668), voted in favor of the five-member team. TPI is Thailand's largest debt defaulter with total debt around $3 billion.

Most foreign creditors either abstained from the vote or voted against the team in a sign of disagreement with the bankruptcy court's move last month to reject the creditors' choice of administrator and propose the finance ministry for the job.

"We abstained because we didn't agree with the court process," Carlos Tan, head of the International Finance Corp.'s special operations in Thailand, told Dow Jones Newswires. The World Bank's private investment arm is TPI's second- largest creditor, behind Bangkok Bank PCL (H.BBK).

The new administrator must get final approval by the bankruptcy court Friday.

The new administrative team consists of Mongkon Ampornpisit, chairman of Krung Thai Bank PCL (H.KTB); Pala Sookawesh, director of the board at PTT PCL (H.PTX); Pakorn Malakul, former deputy governor of the central bank; Aree Wong-areeya, a former permanent secretary of the interior ministry; and Thanong Bidaya, a close aide of Prime Minister Thaksin Shinawatra who is also serving as chairman of both Thai Airways International PCL (H.TAI) and the National Economic & Social Development Board.

Apart from the IFC, Kreditanstalt fur Wiederaufbau also abstained from the vote, while U.S. Export-Import Bank and Bank of America Corp. voted against the finance ministry team.

KFW's head in Thailand Andreas Klocke said the bank was strongly considering filing an appeal to clarify why the bankruptcy court didn't allow the creditors to select the debt plan administrator themselves.

However, foreign creditors indicated they will work closely with the new team regardless of their stance at Monday's vote.

"The priority is to get the company operating without any interference," IFC's Tan said. "We expect to work closely and constructively with the finance ministry nominees and we expect it to be an appropriate and professional administrator."

TPI's creditors, who currently own 75% of TPI following a debt-to-equity swap under the existing debt restructuring plan, had been earlier disappointed by the bankruptcy court's decision to involve the finance ministry in the rehabilitation of TPI.

However, their concerns eased after the ministry confirmed that TPI's founder and former chief executive Prachai Leophairatana wouldn't have a role in the company's management.

Prachai has fought a fierce legal battle against the creditors in his bid to block the implementation of the debt restructuring plan and to regain control of the company.

"The majority of the vote shows creditors have confidence in the team and expect that the finance ministry and the five members of the team will do what they promised," Klocke said.

The finance ministry team has said it will revise TPI's debt restructuring plan to bring it in line with changing market conditions within 90 days of being appointed. But it's unclear whether creditors will accept a large debt write-off as suggested by the company's interim management, which is under Prachai.

Finance ministry Suchart Jaovisidha told Dow Jones Newswires Sunday the finance ministry team, will have to look at the possibility of a haircut. In debt restructuring, a haircut is where creditors accept the repayment of less than the full amount owed.

Platts　2003/9/24

Thai TPI's planners propose new debt-repayment plan to creditors

The new administrative planners of debt-ridden Thai Petrochemical Industries have proposed a new repayment plan to the firm's creditors for approval, a source at Bangkok Bank, TPI's leading domestic creditor, said Wednesday. TPI's current debt stands at $2.8-bil, around 45% of which is owed to domestic creditors and the rest to foreign creditors. If the plan is approved, TPI would begin its repayments, which have been stalled since April this year, next week, the source said. Under the plan, TPI would repay debts owed for the months of July, August and September by end-September; overdue amounts for June would be repaid in October while debts for May and April would be repaid in November and December respectively. TPI has also requested creditors to lower the rate of interest on the loans and inject $80-mil as working capital into the company, the source said. The creditors are expected to make a decision on the new plan by the end of this week, the official added.
TPI suspended all debt repayments in April this year when Thailand's bankruptcy court ousted its earlier appointed planners for failing to meet targets. The new team of administrative planners was appointed in July to restructure the firm's debts and business operations. TPI's troubles began soon after the 1997 Asian financial crisis when the devaluation of the Thai baht against the US dollar saw the company's debts soar to $3.8-bil, making it Thailand's largest debt defaulter. The company has been trying to get back on its feet since 2000 when it was declared insolvent and placed under the receivership of Thailand's Central Bankruptcy Court. TPI operates an integrated 215,000 b/d refinery and petrochemical complex in Map Ta Phut.

中国・ＡＳＥＡＮニュース速報　2004/4/5

【タイ】石化最大手ＴＰＩ、債務再編計画を発表
http://www.e-plastics.gr.jp/japanese/nna_news/news/news0404_2/04040506.htm

　２日付のバンコクポストなどによると、経営再建中の石油化学最大手タイ・ペトロケミカル・インダストリー（ＴＰＩ）の債務再編計画がようやくまとまった。累積損失一掃のための減資と債務の株式化が中心。債権者グループと中央破産裁判所の認可取得後、実行に移される。ただ、経営権を奪われることになる創業者のプラチャイ氏が反対しているため、計画通り進むかは予断を許さない状況だ。

　計画によると、累積損失一掃のため資本金を10分の１に減資。その後、債務の株式化で債務を29億4,500万米ドルから18億米ドルに圧縮する。債権者グループの出資比率は75％から90％に拡大する。

　資金調達を対外借り入れに頼っていたＴＰＩは通貨危機で経営破たん。これまでに何度も経営再建計画が立てられたが、経営権維持を図る創業者のプラチャイ氏の反対で計画はすべてとん挫。最終的に中央破産裁判所が財務省に債務再編、経営再建計画策定に乗り出すよう命じる事態となっていた。

　プラチャイ氏は今後も経営権維持のため、法廷闘争など戦いを続ける考えを明らかにしている。

2004年6月17日 中国・ＡＳＥＡＮニュース速報

【タイ】国営石油、石化ＴＰＩを接収か
http://www.e-plastics.gr.jp/japanese/nna_news/news/news0406_3/04061707.htm

　債権者と創業者の対立から債務再編が進展しない石油化学最大手、タイ・ペトロケミカル・インダストリー（ＴＰＩ）の再建計画について、ソムキット財務相は15日、国営石油ＰＴＴが最大で90％のＴＰＩ株を取得、経営権を掌握する計画を明らかにした。創業者のプラチャイ氏は計画に対して徹底抗戦する構えを示しており、泥沼に陥っているＴＰＩの再建までには険しい道のりが続きそうだ。

　16日付バンコクポストなどによると、財務省は15日、減資と債務株式化などを中心としたＴＰＩ再建計画を承認した。計画では既存株主に責任を取らせるとともに累積損失一掃のため資本金を10分の１に減資。その後、株式化で債務を29億4,500万米ドルから18億米ドルに圧縮する。

　債権者の持ち株比率は現在の75％から90％に拡大する一方、創業者側の比率は10％に低下する。債権者が取得した株式はＰＴＴに譲渡させ、ＰＴＴが経営に乗り出すという段取りだ。

　ＴＰＩの債務総額は1,200億バーツに上る。大口債権者はバンコク銀行（ＢＢＬ）、シティバンク、国際金融公社（ＩＦＣ）、ドイツ復興金融公庫（ＫｆＷ）、米輸出入銀行など。

■創業者は反対
　財務省案に対して、プラチャイ氏は、同省にはＴＰＩの経営に介入する権利はないと主張するとともに、ＰＴＴの経営参加は適当ではないとして反対する考えを明確にした。「（計画は）上場企業を盗むことだ。財務省の思惑通りには事は運ばない」と述べ、法廷闘争に持ち込む考えを明らかにした。

■管財人とも対立
　ＰＴＴによる経営権掌握は、財務省が指名した管財計画人チームが立案した。チームはモンコン・クルンタイ銀行（ＫＴＢ）会長、パラＰＴＴ元総裁、パコン・タイ証券取引委員会（ＳＥＣ）元事務局長、タノン元財務相、アーリー元内務次官の５人。昨年７月から再建計画策定に入っている。

　プラチャイ氏はチームの人事についても、パラ元ＰＴＴ総裁を外すよう求めるなど抵抗している。パラ氏はタイオイル、アロマティクス（タイランド）（ＡＴＣ）やタイ・オレフィンズ（ＴＯＣ）といったＰＴＴの石化子会社とＴＰＩの提携を提案するなど、ＴＰＩをＰＴＴ傘下に収めようと画策しているというのが理由だ。立場をはっきりさせるため、管財計画人チームとＰＴＴグループの役職のうちいずれかから退く必要があると主張している。

　資金調達を対外借り入れに頼っていたＴＰＩは通貨危機で経営破たん。これまでに何度も再建計画が立てられたが、経営権維持を図る創業者のプラチャイ氏の反対で計画はすべてとん挫。最終的に中央破産裁判所が財務省に債務再編、経営再建計画策定に乗り出すよう命じる事態となっていた。

日本経済新聞　2005/7/5

ＣＩＴＩＣグループ　タイ石化買収へ前進　破産裁、資産査定認める

　タイ破産裁判所は４日、中国の国策投資会社、中国中信集団(ＣＩＴＩＣグループ)の企業が求めていたタイ石油化学大手タイ・ぺトロケミカル・インダストリー(ＴＰＩ)の資産査定実施を認可した。ＣＩＴＩＣグループによるＴＰＩ買収計画が一歩前進、半面、タイ政府が主導してきたＴＰＩ再建策の行方は混沌としてきた。
　東南アジア最大規模の石化プラントを持つＴＰＩは１９９７年の経済危機で経営破綻。タイ政府は国営石油会社ＰＴＴを筆頭株主とする再建策ですでに債権者らと合意している。
　これに対し経営から排除される創業者プラチャイ・レオパイラタナ氏が激しく抵抗し、ＣＩＴＩＣ資源ホールディングスに資本参加を要請。石化事業拡大に意欲的な同社も９億ドル(約１千億円)を出資する用意があると表明し、ＴＰＩの資産査定実施を求めていた。
　破産裁判所は「ＣＩＴＩＣ資源はＴＰＩの債務を返済する意思を示しており、ＴＰＩ債権者に好影響を与える」と述べた。
ソムキット財務相は「当初予定通り政府案に沿って再建を進める」とコメントしたが、判決により再建が大幅に遅れる可能性も出ている。
　ＣＩＴＩＣ資源の再建案は、同社やプラチャイ氏が中国開発銀行などの資金協力を得てＴＰＩの債権者から株式の７５％を取得するもの。数年後をめどに更に１０億ドルを投じ、２７億ドルに上る債務の返済や生産増強に充てる計画も示している

Bangkok Post 2005/12/10

DEBT RESTRUCTURING THAI PETROCHEMICAL INDUSTRY　　PTTがＴＰＩの社長派遣へ
PTT plans to send Piti to run TPI after path cleared

PTT Plc will appoint Piti Yimprasert, the president of Thai Oil Plc, to take the helm of Thai Petrochemical Industry Plc (TPI) following the Central Bankruptcy Court's dismissal of TPI founder Prachai Leophairatana's petition to suspend the company's recapitalisation process.
The court yesterday dismissed Mr Prachai's petition, which sought to suspend the plan of TPI's plan administrators to sell TPI's recapitalisation shares to PTT and a number of state-owned entities. He also sought to increase the offering price for the shares to 6.70 baht each as opposed to the proposed 3.30 baht.
Judge Ongarj Narmmeesee said the court had already rejected a similar request filed by the debtor in August. By law, a judge may not rule twice on the same issue.
``Under the petition, it is clear that the debtor wants a court order to stop the share offering to the new investors and a priority right to buy the shares. But the request had already been ruled on, by the court earlier,'' the judge said.

But Mr Prachai said he would appeal the case with the Supreme Court. In fact, he has already filed a petition with the Central Bankruptcy Court to put the share offering process on hold pending the high court's decision.
Mr Prachai said his petition targeted the PTT-led group since the Finance Ministry, which had appointed TPI's plan administrators, was a major shareholder in those state agencies.
``This constitutes a conflict of interest,'' he said.

Prasert Bunsumpun, PTT president, said PTT would pay 20.27 billion baht for TPI shares on Tuesday and the petrochemical giant was expected to exit the rehabilitation plan in January next year.
``After TPI calls a shareholders' meeting to form the new board of commitees, PTT will send Mr Piti, an expert on oil-and-gas and petrochemical businesses who will retire from Thaioil this year, to manage TPI,'' he said.
Mr Prasert said PTT would not merge TPI with PTT chemical Plc since TPI was a fully-integrated petrochemical plant in its own right.

PTT Chemical is a new entity formed from the merger of two of PTT's subsidiaries _ Thai Olefins Plc and National Petrochemical Plc _ which is scheduled to list on the Stock Exchange of Thailand on Tuesday.

In addition, the oil-and-gas giant said after the recapitalisation, PTT would hold only 31.5% in the company.
Under the new shareholding structure, apart from PTT, the Government Housing Bank, Government Pension Fund and Vayupak Fund will hold 10% each, existing shareholders (except creditors) will have 20%, and creditors 8.5%.
Siri Jirapongphan, one of the plan administrators, said the share offering had been fully subscribed by the existing shareholders including Mr Prachai and his family, as well as creditors when the subscription period ended on Wednesday.
The creditors exercised their rights to subscribe 1.656 billion new shares in full, while the existing non-creditor shareholders also took all 3.90 billion shares. Some 975 million shares will be reserved for an employees' stock option programme.
As part of its court-approved restructuring plan, TPI offered a total of 17.55 billion new and existing shares at 3.30 baht each in order to raise 57.92 billion baht or $1.45 billion to help clear its debts to around $950 million from $2.4 billion.

TPI entered the court supervision in 2000. Bangkok Bank, Germany's Kreditanstalt fur Wiederaufbau (KfW), the US Export-Import Bank and the World Bank's International Finance Corp are among TPI's major creditors.
TPI shares closed on the Stock Exchange of Thailand at 7.55 baht, up 20 satang, in trade worth of 2.12 billion baht.

May 03, 2006　

TPI's Prachai loses control of company
But he vows to battle on through the courts

Prachai Leophairatana, the founder of Thai Petrochemical Industry Plc, lost control of the industrial giant yesterday after the Commerce Ministry endorsed a new board appointed by major shareholders, including PTT Plc.

Mr Prachai, his wife and two brothers were promptly dismissed from TPI by the new board, even as the embattled founder vowed to continue his legal fight for control.

The Central Bankruptcy Court formally approved TPI's exit from business rehabilitation last Wednesday after six years of court-supervised restructuring.

But the exit opened a legal loophole, with both Mr Prachai as well as the former TPI debt planners and new strategic shareholders claiming the right to appoint a new board.

Orajit Singkalavanich, the director-general of the Business Development Department, said the department on Friday approved the registration of the board appointed by the major shareholders.

PTT is the largest shareholder, with a 31.5% stake, followed by the Government Savings Bank and the Vayupak Fund at 10% each and the Government Pension Fund with 8.6%. State-controlled entities hold over 50% of TPI overall.

Ms Orajit said the board, as appointed by TPI's shareholders, would be officially registered as its formation rested with a ruling of the Central Bankruptcy Court prior to its exit from rehabilitation.

Mr Prachai had claimed the authority to appoint new directors based on a legal interpretation that follows the exit of a firm from rehabilitation, when the terms of the Public Company Act come into force.

But under the Act, any change of a board must be approved by at least half of its members, Ms Orajit said.

According to TPI documents, the meeting that Mr Prachai had convened to appoint a new board only had eight or nine directors attending, and thus failed to meet a quorum.

Meanwhile, the new TPI board yesterday officially named Gen Mongkol Ampornpisit as chairman, with Pakorn Malakul Na Ayudhya and Prasert Bunsumpun as vice-chairmen.

Gen Mongkol and Mr Pakorn were both former TPI plan administrators, while Mr Prasert is the president of PTT.

Piti Yimprasert, formerly president of Thai Oil Plc, was named TPI's president, a board director and board secretary.

The new board also announced that the positions of TPI chief executive, senior executive vice-president and president for production and marketing would be eliminated.Mr Prachai, his wife Orapin, and his brothers Pramuan and Prateep were also dismissed. All four will be paid severance according to the labour law.

But Mr Prachai, who over the past six years has filed dozens of legal challenges against TPI's creditors and debt planners, said he had not given up.

He said the new board was not empowered to dismiss him as chief executive as the Nonthaburi civil court had agreed last Wednesday to accept a petition challenging the board's authority.

While the court on Friday dismissed the complaint, this order came after the shareholders' meeting appointing the new PTT-led board.

''If they want to fire me, they need to call a shareholders' meeting again to approve new directors and a new board,'' Mr Prachai said.

''I will definitely file a lawsuit against the board's decision to dismiss me from the company.''

Mr Prachai added that the new board was illegitimate as any petition to amend its composition needed to be signed by two existing authorised persons, including himself, as required by the civil code.

''[The major shareholders] assigned my ex-subordinate, Wachirapunthu Promprasert, who had no right to sign anything on behalf of TPI, to seek certification from the Commerce Ministry. But he actually has no authority at all,'' Mr Prachai said.

Shares of TPI closed yesterday on the SET at 8.40 baht, unchanged, in trade worth 778.6 million baht.
Source : Bangkok Post