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.