Bahana seeks rescheduling deal with IBRA

Bahana seeks rescheduling deal with IBRA

Dadan Wijaksana, The Jakarta Post, Jakarta

PT Bahana Pembinaan Usaha Indonesia, a state-owned investment
holding company, hopes to finalize this year the rescheduling of
its Rp 3.5 trillion (about US$400 million) in debts to the
Indonesian Bank Restructuring Agency (IBRA).

"We expect to complete the restructuring of our debts and
investments as soon as possible ... maybe this year," Boyke
Mukijat, Bahana chief financial officer, said on Thursday.

He said that since IBRA was the company's main creditor,
restructuring its debts to the agency would prove beneficial to
the company's business operations.

Ignasius Jonan, Bahana's president director, also stressed the
importance of settling the company's debts with IBRA, especially
now that Bahana is making good progress in restructuring other
debts to non-IBRA creditors.

Excluding its debts to IBRA, Bahana has repaid some $52
million plus Rp 101.9 billion in debts to non-IBRA creditors in
the first five months of this year, reducing its total debts to
$141.7 million and Rp 61 billion.

During this same period, the company was able to collect some
$50.3 million and Rp 133.9 billion from various debtors.

"There are still some $210 million in (loan) assets that we
can collect from our debtors," Ignasius said.

Bahana is a holding company that controls three financial
units: PT Bahana Securities, fund management house PT Bahana TCW
Management and venture capital company PT Bahana Artha Ventura.

PT Bahana Securities arranged the sale of Rp 2.2 trillion in
bonds over the past two years for companies such as Indonesia's
largest cementmaker, PT Semen Gresik, and Indofood Sukses Makmur,
the world's largest maker of instant noodles.

The company also said that as of the end of April, the company
had booked a net profit of Rp 521.5 billion.