Chandra Asri deal not final: Prijadi<\/p>\n
JAKARTA (Reuters): Indonesian Finance Minister Prijadi
\nPraptosuhardjo said on Monday a debt deal for petrochemical giant
\nPT Chandra Asri was still subject to change even though it has
\nbeen approved by the powerful state financial sector policy
\ncommittee (KKSK).<\/p>\n
Chandra Asri owes about $730 million to a consortium of
\ncreditors, led by Japan's Marubeni Corp, and about three trillion
\nrupiah ($262.2 million) to Indonesia's bank restructuring agency
\n(IBRA) -- a state body under the financial sector commitee's
\nsupervision.
\n" About this Chandra Asri deal, it's not final...(it) can still
\nchange, so I have to first see which one is finally agreed by all
\nparties before I can give my approval," Prijadi told reporters
\nwithout elaborating.<\/p>\n
Local media have recently reported IBRA is unhappy with some
\nof the terms of the deal, mainly over a debt to equity swap.
\nUnder the proposed deal, IBRA will have to swap most of Chandra
\nAsri's debt into equity, keeping only $50 million as debt.
\nThe financial committee, which is chaired by chief economics
\nminister Rizal Ramli, last month approved the Chandra Asri deal.<\/p>\n
But final approval rests with Prijadi.<\/p>\n
The deal has been on the negotiating table for almost a year
\nwith the original restructuring agreed in June 2000.
\nUnder the latest terms, a large part of Chandra Asri's debt will
\nbe rescheduled for 15 years with an interest rate of 1.5
\npercentage points above the London Interbank Offered Rate
\n(Libor).<\/p>\n
Marubeni earlier this month agreed to the financial sector
\npolicy committee's debt restructuring proposal.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/chandra-asri-deal-not-final-prijadi-1447893297",
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