Andre's RI unit not affected

Andre's RI unit not affected

SINGAPORE (Dow Jones): Financial troubles at Swiss commodity house Andre & Cie S.A. hasn't affected its cocoa operations in Indonesia, a company source told Dow Jones Newswires Wednesday.

"Life is still normal in UP," said the source, referring to Ujung Pandang, the main port for shipping cocoa in south Sulawesi, Indonesia.

In fact, he said he is expecting some deliveries from a supplier Thursday.

"Suppliers don't care about those rumors...about bankruptcy," he said. "If I don't have the cash, I contact my suppliers."

Family-owned Andre, one of the world's leading grain houses, announced Friday that it has filed for creditor protection after a consortium of 43 banks withdrew credit lines on debts totaling $400 million.

Besides grains, Andre also trades in feedgrains, rice, coffee, cocoa and oilseeds.

One trader, who is supposed to deliver some cocoa beans to Andre in Ujung Pandang, said he is hesitant to make the delivery for fear of non-payment and that the manager at the Ujung Pandang office isn't around.