Wicaksana signs debt restructuring deal<\/p>\n
JAKARTA (JP): Publicly listed trading and distribution company
\nPT Wicaksana Overseas International has entered into a principle
\nagreement with its creditors to restructure US$126 million in
\ndebts through debt buyback, debt-to-equity swaps and rescheduling
\ndeals.<\/p>\n
"We signed a memorandum of understanding on the restructuring
\npackage with the steering committee of our 29 domestic and
\nforeign creditors on Friday," Wicaksana's corporate finance
\nmanager Elys Karis said on Tuesday.<\/p>\n
Wicaksana held a general creditors' meeting here on Tuesday to
\nfinalize the in-principle memorandum of understanding.<\/p>\n
The steering committee is chaired by Citibank and consists of
\nsix other banks-- American Express, ANZ Panin, Fuji Bank, HSCB,
\nING Bank and Rabobank Duta, the company said.<\/p>\n
Karis said Wicaksana's financial adviser, Indo-Sing Business
\nAdvisory (ISBA) of Singapore, was instrumental in bringing the
\ndeal together.<\/p>\n
After the restructuring, which is expected to completed in the
\nfirst quarter, Wicaksana will be left with a smaller and
\nsustainable level of loan as its leverage and interest burden
\nwill be reduced to a manageable level, the company added.<\/p>\n
"The debt-to-equity swap not only will improve and strengthen
\nthe company's capital structure, but also shows the creditors'
\nconfidence in the future of Wicaksana," said ISBA managing
\ndirector Parveen Gandhi.<\/p>\n
Gandhi said with bankers expected to become new shareholders
\nof the company, its good reputation would further be enhanced
\nwhich would greatly help Wicaksana to obtain new business and
\naccess to the capital market.<\/p>\n
The company said the restructuring process started in
\nFebruary and intensified with constructive discussions and
\nmeetings since August.<\/p>\n
It said the process was greatly helped by its honesty and
\ntransparency to its creditors, who in turn responded with a
\nsupportive attitude.<\/p>\n
Wicaksana Overseas, a subsidiary of PT Wiracaksana holding
\ncompany, distributes the products of nine multinational companies
\n-- among them Procter & Gamble, Quaker Oats Asia, Kiwi Brands,
\nOsram Indonesia and Effem Foods -- and nine national
\nmanufacturing firms, including Indofood Prima, Bintang Toedjo,
\nKaromatul Amal Ummat, Sumbermas Langgeng Confectionary and Tirta
\nSapta Jaya.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/wicaksana-signs-debt-restructuring-deal-1447893297",
"image": ""
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