Creditors Approve TPI Debt Plan.(Thai Petrochemical Industry)(Brief Article)

CREDITORS OF THAI PETROCHEMICAL Industry (TPI) voted last week in favor of a plan to restructure the company's $3.8-billion debt, ending three years of negotiations. The vote, originally planned for November 16, was delayed by violent protests byTPI employees, who fear that the debt restructuring will result in job cuts (CW Nov. 22/29, p. 8).

Creditors will swap $800 million of accumulated interest for a 75% stake in TPI, under the terms of the plan. The principal will be …