Cibinong resumes payment

Cibinong resumes payment

JAKARTA (JP): Publicly listed cementmaker PT Semen Cibinong
announced on Tuesday that it had entered into the final stage of
debt negotiation with its foreign creditors.

Company president Hashim Djojohadikusumo said in a statement
that the company had resumed partial monthly interest payments at
25 percent of the original contractual rate on its debt starting
Nov. 1., payable as of Nov. 30.

The company decided to postpone the interest and principal
payments in March this year in order to maintain liquidity and
ensure corporate viability in the wake of the sharp depreciation
of the rupiah against the U.S. dollar.

The decision to resume the interest payments was made after
holding a series of discussions with its foreign creditors since
April this year, he said.

However, it did not elaborate on the company's total foreign
debts. (aly)