Kotjo helps save debt-ridden Kanindo<\/p>\n
JAKARTA (JP): Johannes Kotjo, a former executive of the Salim
\nGroup, is reportedly helping revive debt-ridden PT Kanindo
\nSuccess Textile, a textile manufacturer in Bawen, Central Java.<\/p>\n
Legislator A. Baramuli, who successfully uncovered Eddy
\nTansil's huge bad debt at Bapindo, said Kotjo has provided Rp 800
\nmillion (US$370,000) in cash per day for the factory's operation
\nsince the beginning of this month.<\/p>\n
Baramuli said the owner of the company, Robby Tjahjadi, had
\nchosen Kotjo because Robby did not want his company to get taken
\nover by the government since it would lower the resale value of
\nhis factory.<\/p>\n
Minister of Industry Tunky Ariwibowo, however, had stated
\nearlier that the government will not allow state-owned companies
\nto be involved in the takeover.<\/p>\n
Meanwhile the Association of Indonesian Batik Cooperatives
\n(GKBI) and the Texmaco Group have expressed their interest in
\nacquiring the debt-ridden textile manufacturer.<\/p>\n
Director General of Urban Cooperatives at the Ministry of
\nCooperatives and Small Enterprises Mamiet Maryono told
\njournalists on Tuesday that GKBI is ready to buy 51 percent of
\nthe shares.<\/p>\n
Kanindo Success Textile, a subsidiary of the Kanindo Group, is
\nreportedly some Rp 500 billion in debt -- others put it at Rp
\n800 billion.<\/p>\n
Robby has faced a liquidity problem since the debt problem of
\nhis textile factory surfaced earlier this year. Since then Robby
\nhas had to pay cash in order to buy raw materials.<\/p>\n
Baramuli denied reports that Robby has run away to avoid his
\nbad debt. \"He went abroad not to run away, but to check his
\nhealth as he suffers from heart trouble,\" he was quoted by the
\nRepublika daily yesterday as saying. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kotjo-helps-save-debt-ridden-kanindo-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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