Dharmala BV misses loan payment<\/p>\n
TOKYO (Reuters): Indonesia's Dharmala Intiutama International
\nBV has missed an interest payment on a 15 billion yen samurai
\nbond and could be declared in default, a spokesman at the bond's
\ntrustee Sanwa Bank said yesterday.<\/p>\n
Dharmala Intiutama International, a wholly owned unit of
\nDharmala group holding company PT Dharmala Intiutama, was likely
\nto be declared in default at a creditors' meeting if it failed to
\npay the interest by July 17, the spokesman said.<\/p>\n
The semi-annual interest payment was due on Thursday.<\/p>\n
The possible creditors' meeting would be called by Sanwa Bank
\nafter a public announcement by the bank that the company had
\nfailed to meet its obligations.<\/p>\n
Dharmala's five-year, 15 billion yen bond matures on July 9,
\n2002. The bond, lead-managed by now-defunct Yamaichi Securities
\nCo, is guaranteed by PT Dharmala Intiutama.<\/p>\n
Indonesia's Dharmala Initiutama confirmed in Jakarta yesterday
\nthat it had missed an interest payment on a 15 billion yen
\nsamurai bond which had come due on Thursday.<\/p>\n
It said in a statement that financial and legal advisers had
\nbeen appointed to assist in restructuring the debt of the entire
\nDharmala group.<\/p>\n
The spokesman said Dharmala was likely to be declared in
\ndefault if it failed to pay the interest by July 17.<\/p>\n
Dharmala said its debt restructuring program was well under
\nway and that HSBC Investment Bank Plc and law firm Norton Rose
\nhad been appointed as advisers.<\/p>\n
\"Dharmala Group will inform creditors of their findings as
\nsoon as possible with a view to a restructuring program in the
\ncontext of the group's prospects and projections,\" it said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dharmala-bv-misses-loan-payment-1447893297",
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