UT's unit restructures debt<\/p>\n
JAKARTA (JP): PT United Tractors Pandu Engineering (UTE), a
\nunit of publicly-listed heavy equipment distributor PT United
\nTractors, said it had closed a deal with its creditors to
\nrestructure a debt of US$14.5 million.<\/p>\n
United Tractors said in a statement that the debt-
\nrestructuring deal was signed on May 16 in Singapore.<\/p>\n
The creditors are Salomon Brothers Holding Company Inc.; the
\nSingapore's branch of the Dai-ichi Kangyo Bank Limited; the Daiwa
\nBank Limited; the Singapore branch of the Industrial Bank of
\nJapan Limited; the Singapore branch of the Sanwa bank limited,
\nthe statement said.<\/p>\n
Under the deal, UTE will repay its $14.5 million debt in five
\nyears until 2004 with an initial prepayment of $1.7 million.<\/p>\n
Interest payment will be made every three months with a
\nprincipal payment every six months.<\/p>\n
Another united of United Tractors, coal company PT Berau Coal,
\nhad signed a deal with its creditors to restructure a $40 million
\ndebt in March this year. (jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/uts-unit-restructures-debt-1447893297",
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