Citra Marga gets grace

Citra Marga gets grace

SINGAPORE (Bloomberg): PT Citra Marga Nusaphala Persada, an
Indonesian toll road company controlled by a daughter of former
President Soeharto, said its creditors gave it a three-month
extension on the repayment of US$123 million in principal on its
floating rate notes.

The creditors granted the extension to April 21, at a meeting
in Singapore. They also agreed to consider an additional 3-month
extension pending examination of the company's debt restructuring
plan, said company spokesman Dian Ruslan. The floating rate notes
were due Dec. 16.

Citra Marga, one of scores of Indonesian companies hobbled by
the collapse of the rupiah and economic recession, will continue
to pay $980,000 a month in interest on the notes.

``This gives us some breathing room to make a debt
restructuring proposal that our creditors can live with,'' said
Teddy Kharsadi, the highway company's director of corporate
affairs.

The company has total debt of $270 million, mostly in
foreign currency.