United Tractors to pay debt by 2010<\/p>\n
JAKARTA: PT United Tractors, controlled by Indonesia's top auto
\ndistributor, plans to settle its entire US$96 million of debt,
\nbecoming free to garner funds for expansion.<\/p>\n
The company will have no debt latest by 2010 under an amended
\nrepayment agreement to be signed with creditors this month,
\nFinance Director Buntoro Muljono said. Under the accord, United
\nTractors will repay $10.2 million of debt in December 2006 and
\n$15 million in June 2007, he told investors and reporters in
\nJakarta. The remainder will be paid in June 2008, with an option
\nto extend it to 2010.<\/p>\n
Jakarta-based United Tractors used money from selling two
\nunits earlier this year to cut its debt from $267 million as of
\nJanuary.<\/p>\n
Creditor agreements prevent it from expanding and paying
\ndividend until the company cuts its debt by half. The company
\nplans to distribute a mid-year dividend of Rp 20 (0.2 U.S. cent)
\na share on Dec. 17, its first payout in seven years. -- Bloomberg<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/united-tractors-to-pay-debt-by-2010-1447893297",
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"sponsor": "Okusi Associates",
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