Jakarta-listed plantation company PT Bakrie Sumatera Plantations is close to reach a restructuring agreement for the remaining US$210 debts owed by newly-acquired subsidiary PT Domas Agro Intiprima.
In a statement to the Indonesia Stock Exchange, Bakrie Sumatera Corporate Secretary Fitri Barnas said that the debt restructuring deal is contained in an amendment agreement dated June 21 signed with a number of creditors. She said that the debt restructure agreement has yet to become effective as the company was still in the process of completing a number of preliminary conditions.
Fitri did not provide information what those conditions are. A company official previously said that Bakrie wanted the maturity of the Domas debt to be extended for another 6.5 years into 2017.
Domas, a fatty alcohol producer, was part of the debt-ridden Domba Mas Group acquired by Bakrie Sumatera in December of 2010. Last year, Bakrie reached an agreement to restructure some of the Domba Mas debts with a number of creditors including P&G, Credit Suisse, and Indonesia’s Bank Mandiri. (rei)