Indorayon rating withdrawn<\/p>\n
JAKARTA (AFX-ASIA): Moody's Investors Service said it affirmed
\nand then withdrew the 'Ca' rating on PT Inti Indorayon's US$150
\nmillion senior notes and $110 million guaranteed notes.<\/p>\n
It said the company's operations have been seriously affected
\nby the closure of its pulp mill at Porsea, North Sumatra. Inti
\nIndorayon has since 1999 suspended all debt repayment.<\/p>\n
"The rating reflects the low expected recovery rate and the
\napparent uncertainty in resolving creditors' claims under
\nIndonesian law," it said.<\/p>\n
At the same time, Moody's withdrew the rating following the
\nnotes' maturity in 2000 and 2001 respectively.<\/p>\n
"Although the notes remain unpaid, Moody's regards it as
\nunlikely that a debt restructuring agreement will be reached in
\nthe near future, given the lack of progress on the resumption of
\nthe mill's production.<\/p>\n
"In Moody's opinion, it remains uncertain as to when the mill
\nwill be re-opened in view of the economic and social conditions
\nin Indonesia."<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indorayon-rating-withdrawn-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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