Thai Oil Co. launches huge debt restructuring

After some delays, key creditors have finally reached a milestone agreement to accept Thai Oil Co.'s $2.25 billion proposed debt-restructuring plan.Representatives of more than 120 creditors of Thailand's largest refiner signed a "recommendation letter" in Tokyo accepting the restructuring scheme, believed to be the largest of its kind in the world.The creditors' accord came after Thai Industry Minister Suwat Liptapanlop went to Japan to personally convince certain major Japanese banks on a number of key policy issues that would support Thai Oil's future operation and viability, according to Thai Oil executives. Only a few weeks ago, creditors were reluctant to vote for approv...

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