Cibinong defers debt payment

JAKARTA (JP): Publicly listed cement producer PT Semen Cibinong said yesterday it had informed its creditors that it would defer payments on its debt obligations.

The company said in a statement that the prolonged economic crisis had adversely affected its business, with domestic demand for cement declining.

"The company held an informational meeting this morning to inform its lenders and other debt holders of its intention to defer principal and interest payments on its debt," Semen Cibinong said.

It added that payments would be deferred until a restructuring plan was worked out on the debt. (rid)