{
    "success": true,
    "data": {
        "id": 1420767,
        "msgid": "humpus-to-sign-debt-restructuring-deal-1447893297",
        "date": "1999-12-02 00:00:00",
        "title": "Humpus to sign debt restructuring deal",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Humpus to sign debt restructuring deal JAKARTA (JP): The Humpuss Group expects to sign a debt restructuring agreement by mid December with the Indonesian Bank Restructuring Agency (IBRA), according to a Humpuss senior official. Mansur Ahmad, a director at the Humpuss Group, said on Wednesday the restructuring scheme would involve debt rescheduling, asset settlement and cash settlement. He said the loan maturity would be extended to between 10 years and five years.",
        "content": "<p>Humpus to sign debt restructuring deal<\/p>\n<p>JAKARTA (JP): The Humpuss Group expects to sign a debt<br>\nrestructuring agreement by mid December with the Indonesian Bank<br>\nRestructuring Agency (IBRA), according to a Humpuss senior<br>\nofficial.<\/p>\n<p>Mansur Ahmad, a director at the Humpuss Group, said on<br>\nWednesday the restructuring scheme would involve debt<br>\nrescheduling, asset settlement and cash settlement.<\/p>\n<p>He said the loan maturity would be extended to between 10<br>\nyears and five years.<\/p>\n<p>\"As part of the restructuring scheme Humpuss will also pay Rp<br>\n160 billion in cash up front and hand over some of its assets to<br>\nIBRA for debt repayment,\" he said.<\/p>\n<p>One of the assets to be handed over to IBRA is the group's<br>\nheadquarters on Jl. Merdeka Timur in Jakarta, according to a<br>\ngovernment source.<br>\n  The debts to be restructured comprised US$307 million, Rp 167<br>\nbillion ($23.85 million) and M$12 million owed by eight Humpuss<br>\nGroup 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>The Humpuss debts are part of about Rp 230 trillion in<br>\nnonperforming loans transferred by state and private banks to<br>\nIBRA.<\/p>\n<p>IBRA earlier said the dollar debts owed by Humpuss Group<br>\ncompanies, namely PT Humpuss Aromatic, PT Humpuss Terminal and PT<br>\nMabua Intan Express, would be rescheduled.<\/p>\n<p>While the rupiah debts of PT Humpuss Patragas, PT Humpuss<br>\nTerminal, PT Gatari Air Service, PT Sekar Artha Sentosa and PT<br>\nHumpuss Pengolahan Minyak are to be settled through cash and<br>\nasset settlements.<\/p>\n<p>The remainder of the Humpuss debts will be resolved through a<br>\ndebt-to-equity swap, according to the agency.<\/p>\n<p>\"We are confident we can implement the new terms and<br>\nconditions as stipulated in the restructuring agreement to be<br>\nsigned soon,\" Mansur said after the extraordinary shareholders<br>\nmeeting of Humpuss Group affiliate PT Humpuss Intermoda<br>\nTransportasi (HIT).<\/p>\n<p>Shareholders of HIT approved the management's proposal in<br>\ntaking over a 44 percent stake of liquefied natural gas<br>\ntransportation company Cometco Shipping Inc.<\/p>\n<p>The 44 percent stake is currently owned by investment holding<br>\ncompany Humpuss Inc. which is based in the Republic of Liberia.<\/p>\n<p>\"HIT currently holds a 51 percent stake in Cometco. After the<br>\n44 percent takeover HIT will have a 95 percent stake in Cometco,\"<br>\nsaid HIT president Budhi Halim.<\/p>\n<p>Cometco's 44 percent stake, worth US$99.5 million, will be<br>\npaid through a payment schedule with 30 installments starting<br>\nfrom November 2000 until May 2010. (udi)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/humpus-to-sign-debt-restructuring-deal-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}