Astra to meet creditors this month

Astra to meet creditors this month

JAKARTA: PT Astra International, Indonesia's largest car maker, will meet with creditors later this month to discuss a debt restructuring plan for the company.

Astra currently has debt worth $726 million and 881 billion rupiah (US$98 million), with annual payments due until 2006.

But the company is seeking ways to reduce this burden. It will meet with creditors in Singapore July 31, when it is expected to offer several debt restructuring options.

The company's creditors include Isuzu Motors Asia Ltd., Marubeni Corporation, Itochu Corp., and the Japan Bank for International Cooperation.

An Astra spokesman said Thursday the company is still waiting for the results of a study from financial adviser Rothschild before making a final decision on its debt plans.

"Everything depends on the financial adviser," he said. "After we receive the report we will discuss it with the management and then the creditors." -- Dow Jones