Humpus signs debt restructuring deal
Humpus signs debt restructuring deal
JAKARTA (JP): The Humpuss Group signed on Tuesday a memorandum
of understanding (MoU) with the Indonesian Bank Restructuring
Agency (IBRA) on the restructuring of about US$330 million in
debts.
The head of the agency, Glenn Yusuf said the restructured
debts comprised $307 million, Rp 167 billion and M$12 million
owed by eight Humpuss Group companies.
The eight debtor companies are PT Humpuss (the holding
company), PT Humpuss Patragas, PT Humpuss Aromatik, PT Humpuss
Terminal Petikemas, PT Gatari Air Service, PT Sekar Artha
Sentosa, PT Mabuan Intan Express and PT Humpuss Pengolahan
Minyak.
Glenn said in a statement that the Humpuss Group president,
Hutomo Mandala Putra, who is also the youngest son of former
president Soeharto, had agreed to settle his group's debts
through cash and asset settlement and other modes of
restructuring.
"Basically, the value of the companies' assets is still higher
than their debts," Glenn said, adding that they had agreed to
settle part of their debts through an equity swap.
The agency said $203 million in debts owed by PT Humpuss
Aromatic, PT Humpuss Terminal and PT Mabua Intan Express would be
restructured.
The rupiah debts of PT Humpuss Patragas, PT Humpuss Terminal,
PT Gatari Air Service, PT Sekar Artha Sentosa and PT Humpuss
Pengolahan Minyak would be settled through cash payments
amounting to Rp 66 billion and asset settlements amounting to Rp
100 billion.
The agency said the American and Malaysian dollar debts would
be resolved through cash and asset settlements and a corporate
guarantee by PT Humpuss, PT Humpuss Patragas, PT Gatari Air
Service, PT Sekar Artha Sentosa and PT Humpuss Pengolahan Minyak.
The remainder of the Humpuss debts would be resolved through a
debt to equity swap, Yusuf said.
"Technical details of the debt settlement will be worked out
by both parties because the mode of restructuring will vary from
one debtor company to another."
Glenn acknowledged that negotiations for the restructuring
deal had been sluggish, but said the complex problems faced by
the Humpuss companies necessitated protracted negotiations. (06)