{
    "success": true,
    "data": {
        "id": 1434110,
        "msgid": "humpus-signs-debt-restructuring-deal-1447893297",
        "date": "1999-10-21 00:00:00",
        "title": "Humpus signs debt restructuring deal",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Humpus signs debt restructuring deal JAKARTA (JP): The Humpuss Group signed on Tuesday a memorandum of understanding (MoU) with the Indonesian Bank Restructuring Agency (IBRA) on the restructuring of about US$330 million in debts. The head of the agency, Glenn Yusuf said the restructured debts comprised $307 million, Rp 167 billion and M$12 million owed by eight Humpuss Group companies.",
        "content": "<p>Humpus signs debt restructuring deal<\/p>\n<p>JAKARTA (JP): The Humpuss Group signed on Tuesday a memorandum<br>\nof understanding (MoU) with the Indonesian Bank Restructuring<br>\nAgency (IBRA) on the restructuring of about US$330 million in<br>\ndebts.<\/p>\n<p>The head of the agency, Glenn Yusuf said the restructured<br>\ndebts comprised $307 million, Rp 167 billion and M$12 million<br>\nowed by eight Humpuss Group companies.<\/p>\n<p>The eight debtor companies are PT Humpuss (the holding<br>\ncompany), PT Humpuss Patragas, PT Humpuss Aromatik, PT Humpuss<br>\nTerminal Petikemas, PT Gatari Air Service, PT Sekar Artha<br>\nSentosa, PT Mabuan Intan Express and PT Humpuss Pengolahan<br>\nMinyak.<\/p>\n<p>Glenn said in a statement that the Humpuss Group president,<br>\nHutomo Mandala Putra, who is also the youngest son of former<br>\npresident Soeharto, had agreed to settle his group's debts<br>\nthrough cash and asset settlement and other modes of<br>\nrestructuring.<\/p>\n<p>\"Basically, the value of the companies' assets is still higher<br>\nthan their debts,\" Glenn said, adding that they had agreed to<br>\nsettle part of their debts through an equity swap.<\/p>\n<p>The agency said $203 million in debts owed by PT Humpuss<br>\nAromatic, PT Humpuss Terminal and PT Mabua Intan Express would be<br>\nrestructured.<\/p>\n<p>The rupiah debts of PT Humpuss Patragas, PT Humpuss Terminal,<br>\nPT Gatari Air Service, PT Sekar Artha Sentosa and PT Humpuss<br>\nPengolahan Minyak would be settled through cash payments<br>\namounting to Rp 66 billion and asset settlements amounting to Rp<br>\n100 billion.<\/p>\n<p>The agency said the American and Malaysian dollar debts would<br>\nbe resolved through cash and asset settlements and a corporate<br>\nguarantee by PT Humpuss, PT Humpuss Patragas, PT Gatari Air<br>\nService, PT Sekar Artha Sentosa and PT Humpuss Pengolahan Minyak.<\/p>\n<p>The remainder of the Humpuss debts would be resolved through a<br>\ndebt to equity swap, Yusuf said.<\/p>\n<p>\"Technical details of the debt settlement will be worked out<br>\nby both parties because the mode of restructuring will vary from<br>\none debtor company to another.\"<\/p>\n<p>Glenn acknowledged that negotiations for the restructuring<br>\ndeal had been sluggish, but said the complex problems faced by<br>\nthe Humpuss companies necessitated protracted negotiations. (06)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/humpus-signs-debt-restructuring-deal-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}