Cibinong defers debt payment

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)