Osprey's debts rescheduled<\/p>\n
SINGAPORE (Bloomberg): Osprey Maritime Ltd., a Singapore-based
\nshipping company with ties to the family of former Indonesian
\npresident Soeharto, said its creditor banks agreed to roll over
\nUS$370 million in debt for at least three
\nmonths.<\/p>\n
The debt was due to mature on July 20, and the ability to
\ndelay its repayment buys time for the loss-making operator of oil
\ntankers, letting it use its resources to secure new contracts,
\ngenerate more sales and return to profit.<\/p>\n
"We were a victim of the Asian crisis," said Chairman Timothy
\nCottew in an interview. "It's a challenge you don't walk away
\nfrom - you fight for survival."<\/p>\n
The company, in which Soeharto's son Bambang Trihatmodjo had
\nan indirect stake of 40.9 percent as of mid-April, got its four
\n"arranger" banks, Christiana Bank, Den norske Bank AS, Credit
\nAgricole AS and CS First Boston, to agree to the debt extension,
\nhe said.<\/p>\n
Osprey, which is being advised by Lazard Brothers, lost $14.9
\nmillion, or 8.83 cents a share, in 1998, compared with a profit
\nof $19 million, or 10.65 cents, the year before.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ospreys-debts-rescheduled-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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