Wicaksana debt talks near completion<\/p>\n
JAKARTA (JP): PT Wicaksana Overseas International, one of the
\ncountry's major consumer product distributors, said on Thursday
\nnegotiation on the restructuring of its US$131 million debt was
\nnearing completion.<\/p>\n
The company's finance director, Ekahadi Djaya, said the
\nnegotiations on the debt restructuring, which started early last
\nyear, had been intensified in the last three months.<\/p>\n
He said the initial results of debt talks with the creditor's
\nsteering committee had been encouraging. The committee comprises
\nrepresentatives from seven major banks: Citibank, American
\nExpress Bank, ANZ Panin Bank, Fuji Bank, HSBC, ING Bank and
\nRabbobank.<\/p>\n
"Bankers have been very supportive of the restructuring plan
\nand we hope an initial agreement can be reached later this
\nmonth," he told The Jakarta Post.<\/p>\n
He said the debt restructuring package would include a "Dutch"
\nauction, up front cash payments, commercial loans and a debt to
\nequity swap.<\/p>\n
"After the debt restructuring, the company's balance sheet
\nwill become healthier and its capital structure will be
\nstrengthened."<\/p>\n
Wicaksana also reported on Thursday a net profit of Rp 128.5
\nbillion (about $18.3 million) in the first semester ending in
\nJune, swinging from a net loss of Rp 569.3 billion in the same
\nperiod a year earlier.<\/p>\n
Ekahadi attributed the turnaround in the company's profit to
\nan improvement in the demand for consumer goods beginning in
\nMarch this year.<\/p>\n
He said net sales rose by 72.4 percent or Rp 1.27 trillion in
\nthe January-June period, from Rp 737.2 billion in the same period
\nlast year.<\/p>\n
The company projected this year's net sales would increase by
\nabout 40 percent or Rp 2.6 trillion due to increased demand on
\nthe domestic market.<\/p>\n
"With improvements in the social, economic and political
\nsituation, the management believe that the company will achieve
\nthe full year sales target," he said. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/wicaksana-debt-talks-near-completion-1447893297",
"image": ""
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"sponsor_url": "https:\/\/okusiassociates.com"
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