Steady Safe not to be liquidated<\/p>\n
JAKARTA (JP): Debt-ridden transportation company PT Steady
\nsafe will not be liquidated despite its huge overseas debts to
\nbankrupt Hong Kong-based investment bank Peregrine Investment
\nHolding, a senior company executive said here yesterday.<\/p>\n
Company vice president Shadik Wahono said Peregrine's
\nliquidator, Price Waterhouse, would instead conduct a due
\ndiligence to asses Steady Safe's asset value and explore ways to
\nrepay its mounting debt, which currently stands at US$280
\nmillion.<\/p>\n
He said the due diligence was expected to be completed in
\nSeptember.<\/p>\n
\"Price Waterhouse will not ask for Steady Safe's liquidation
\nbecause we have an agreement with the liquidator,\" Shadik said
\nafter a shareholders meeting.<\/p>\n
The company, controlled by Jopie Widjaja, would continue to
\noperate through the crisis, Shadik said.<\/p>\n
\"What's important for us is that the company's still running
\nand is not going to be liquidated,\" he said.<\/p>\n
He said that if the company was sold off or liquidated at this
\ntime, it would not be able to raise any significant fresh funds.<\/p>\n
Peregrine filed for bankruptcy in January after Steady Safe
\nsaid it was unable to repay its US$280 million debt due to the
\nrupiah's sharp fall against the U.S. dollar.<\/p>\n
The rupiah has declined in value by 80 percent since July last
\nyear. It was hovering at about 15,000 to the U.S. dollar
\nyesterday compared to its precrisis level of 2,450.<\/p>\n
Shadik said, however, that Price Waterhouse was currently
\nwaiting for the completion of Steady Safe's restructuring program
\nso it can repay its foreign debts.<\/p>\n
Shadik also said the company's annual shareholders' meeting
\napproved the appointment of Solihin G.P as the new chief
\ncommissioner to replace M. Jusuf Hamka. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/steady-safe-not-to-be-liquidated-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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