No decision on TPI's notes<\/p>\n
NEW YORK (Dow Jones): Publicly-listed PT Tri Polyta Indonesia
\n(TPI) will pursue restructuring of its US$185 million in secured,
\n11 3\/8% notes due 2003.<\/p>\n
In a press release Tuesday, the company cited poor operating
\nresults, and said it will not make any decision on the notes'
\nJune 1, 1999, interest payment until it has consulted with a
\nsoon-to-be hired financial advisor.<\/p>\n
Tri Polyta said the advisor will also consult on the
\nrestructuring of the notes.<\/p>\n
Tri Polyta, an Indonesian polypropylene manufacturer, reported
\na loss for the first quarter ended March 31 of Rp 141.2 billion,
\non sales of Rp 246.8 billion.<\/p>\n
That compared with a loss of Rp 560.5 billion, on sales of Rp
\n199 billion, for the same period a year ago.<\/p>\n
Tri Polyta's New York Stock Exchange-listed American
\ndepositary receipts were delayed at the market's opening Tuesday.
\nThey closed Friday at 1 3\/8, unchanged from the previous day.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/no-decision-on-tpis-notes-1447893297",
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