Astra International wants creditor's vote<\/p>\n
HONG KONG (Dow Jones): PT Astra International has targeted
\nApril 21 for the day the it hopes two-thirds of its creditors
\nwill accept a plan for restructuring the automotive company's
\nhuge foreign debts.<\/p>\n
Astra's chief executive officer, Rini Soewandi, told Dow Jones
\nNewswires Sunday that her company hopes to hold a meeting that
\nday for creditors to vote on the company's plan in line with
\nprovisions of Indonesia's new bankruptcy codes. At least half the
\ncompany's creditors must attend such a meeting, and the plan must
\nbe supported by creditors representing two-thirds of the total
\ndebt of about US$2 billion in order for the plan to be accepted.<\/p>\n
Speaking by telephone from Singapore, Soewandi expressed
\nconfidence that Astra's proposal would win two-thirds acceptance
\nand that legal paperwork will be completed in May.<\/p>\n
Until a meeting with creditors Friday in Singapore, Astra has
\nbeen seeking to come up with a plan acceptable to all creditors.
\nBut at the meeting, the company informed creditors it is
\nabandoning that approach and asking them to act in line with
\nbankruptcy code provisions seeking a two-thirds approval.<\/p>\n
"It's impossible to get 100% approval from all your
\ncreditors," said Ms. Soewandi. "You have to go for a majority."<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/astra-international-wants-creditors-vote-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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