Medco restructures debts<\/p>\n
JAKARTA (JP): Medco Group has restructured US$623 million in
\ndebts, or 86 percent of the total, the company said in a
\nstatement on Friday.<\/p>\n
\"The remaining $100 million of debt, of which $40 million is
\nwith IBRA (Indonesian Bank Restructuring Agency) and $60 million
\nwith other financial institutions, is currently under negotiation
\nfor the group's next debt restructuring program,\" it said.<\/p>\n
It said Medco Group's total debt stood at $613 million and Rp
\n881 billion, or together about $723 million as of the end of
\n1997. It did not provide the latest data on the group's total
\ndebts.<\/p>\n
All the personal wealth of the group's owner, businessman-
\npolitician Arifin Panigoro, has been pledged to creditors to
\ncover the restructured debts, the company said.<\/p>\n
Arifin is the majority shareholder in the group.<\/p>\n
The group operates diversified businesses, including petroleum
\nservices, food and agriculture, construction, manufacturing and
\nfinancial services. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/medco-restructures-debts-1447893297",
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"sponsor": "Okusi Associates",
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