BSP reschedules $76m debt

BSP reschedules $76m debt

JAKARTA (JP): Publicly listed PT Bakrie Sumatra Plantation
(BSP) said here on Thursday it had signed an agreement with
foreign creditors on the restructuring of its US$76 million debt.

Under the restructuring deal, Bakrie could extend its payment
of the principal debt for three years, with an interest rate of
3.5 percentage points above the Singapore Inter-Bank Offered
Rates (SIBOR), the company's spokesman Lalu Mara Satriawangsa
said in a statement.

The debt consists of $73 million in syndicated loans managed
by Credit Suisse First Boston and $3 million trade financing
provided by Credit Lyonnais.

Mara said that BSP, under the agreement, would pay the
principal debt in quarterly installments over the next three
years.

Bakrie & Brothers said on Wednesday it had appealed for the
suspension of the payment of its $1.09 billion foreign debt to
the Jakarta Commercial Court.

Mara said that the suspension of the debt payment would be
needed to allow the company to further negotiate the debt
restructuring proposal under the court's supervision, and to
obtain a legal background for the debt deal.(bkm)