When the crisis hit in 1997, TPI defaulted on its debt. Mr. Prachai asked for a three-month grace period. Only now, more than two years after the default, is TPI beginning to tackle its problems. A bankruptcy court recently ruled that the company is insolvent. Yet the debt restructuring is expected to take at least two years, and Mr. Prachai isn't likely to go down without a fight.
Management says one thing, then does another.
Meanwhile, Mr. Prachai has refused to sell major assets, cut costs or change management. He's called himself a victim of foreign predators who are trying to take over his country and discredit local business people. Indeed, Mr. Prachai remains defiant despite being voted out of management by creditors. Volatile Shares TPI's stock has been as unpredictable as its management. In 1999, foreign investors rushed in on hopes that the company was reforming.