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