Citra Marga gets grace<\/p>\n
SINGAPORE (Bloomberg): PT Citra Marga Nusaphala Persada, an
\nIndonesian toll road company controlled by a daughter of former
\nPresident Soeharto, said its creditors gave it a three-month
\nextension on the repayment of US$123 million in principal on its
\nfloating rate notes.<\/p>\n
The creditors granted the extension to April 21, at a meeting
\nin Singapore. They also agreed to consider an additional 3-month
\nextension pending examination of the company's debt restructuring
\nplan, said company spokesman Dian Ruslan. The floating rate notes
\nwere due Dec. 16.<\/p>\n
Citra Marga, one of scores of Indonesian companies hobbled by
\nthe collapse of the rupiah and economic recession, will continue
\nto pay $980,000 a month in interest on the notes.<\/p>\n
``This gives us some breathing room to make a debt
\nrestructuring proposal that our creditors can live with,'' said
\nTeddy Kharsadi, the highway company's director of corporate
\naffairs.<\/p>\n
The company has total debt of $270 million, mostly in
\nforeign currency.<\/p>",
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"sponsor": "Okusi Associates",
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