Anwar Sierad restructuring debt<\/p>\n
JAKARTA (JP): Publicly listed poultry company PT Anwar Sierad
\nannounced on Thursday that it expected to complete the
\nrestructuring of its US$160 million debt within the next three
\nmonths.<\/p>\n
The company's finance director Awi Tantra said the company was
\ncurrently working to obtain a \"letters of support\" from its five
\nbiggest creditors.<\/p>\n
\"The letters of support from the big creditors would then be
\ndistributed to all the remaining creditors in the hope of
\nreceiving at least two-thirds of the creditors' approval during a
\nvote on our final debt restructuring proposal,\" he said.<\/p>\n
The company's five biggest creditors representing 50 percent
\nof its total debts are the Indonesian Bank Restructuring Agency
\n(IBRA), PT Rabobank Duta Indonesia and Rabobank Asia of Singapore
\nbranch, the Deutsche Bank, AG of Germany and Hongkong Shanghai
\nBanking Corporation.<\/p>\n
Awi said the debt restructuring proposal would be a
\ncombination of a debt-to-equity swap and debt rescheduling.<\/p>\n
\"We expect about 70 percent of the debts would be converted to
\nthe company's equity and the remaining would be rescheduled.\"<\/p>\n
One of its creditors earlier filed a bankrupty petition
\nagainst Anwar Sierad at the Jakarta Commercial Court. The case
\nwas postponed after the poultry company's major creditors
\napproved a tentative debt restructuring proposal.<\/p>\n
Anwar Sierad was given 270 days by the court to complete final
\ndebt restructuring with its creditors.<\/p>\n
The court will declare the company bankrupt if it fails to
\nreach a final debt restructuring agreement within the allocated
\ntimeframe.<\/p>\n
Awi said he was optimistic Anwar Sierad would reach a final
\ndebt restructuring agreement with the creditors.<\/p>\n
\"The company has been operating normally throughout the
\ncrisis. And currently we are achieving a better performance
\nbecause the country's economic and political conditions are
\nstabilizing,\" he said.<\/p>\n
Anwar Sierad -- 50.01 percent owned by PT Sietek Nusantara
\nFinance and the rest by the public -- is involved in chicken
\nhatching, producing chicken feed and trading in poultry farming
\nequipment.<\/p>\n
Awi said the price of day-old chickens (DOC) was recovering
\nfrom as low as below Rp 1,000 per DOC last year to the current
\nDOC figure of Rp 2,300. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/anwar-sierad-restructuring-debt-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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