CA's loans restructured

CA's loans restructured

TOKYO (Nikkei): Japanese banks have agreed to reschedule US$180 million of loans to Indonesian petrochemcial venture PT Chandra Asri Petrochemical Center, the Nihon Keizai Shimbun reported in its Saturday morning edition.

The Export-Import Bank of Japan, Fuji Bank and Bank of Tokyo- Mitsubishi agreed with Japan Indonesia Petrochemical Investment Corp, an investment firm set up by Marubeni and others, to suspend debt repayments until August 2001.

Chandra Asri, a venture between Marubeni Corp, Showa Denko KK and others, was set up with the backing of Japan Indonesia Petrochemical Investment.

Completion of repayments will be postponed to February 2009 from the originally scheduled 2006.

Chandra Asri's has borrowings totaling $472 million from the three banks.

Indonesian banks have also reached agreement to reschedule debt with Indonesian investors in Chandra Asri.