Humpus to sign debt restructuring deal
Humpus to sign debt restructuring deal
JAKARTA (JP): The Humpuss Group expects to sign a debt
restructuring agreement by mid December with the Indonesian Bank
Restructuring Agency (IBRA), according to a Humpuss senior
official.
Mansur Ahmad, a director at the Humpuss Group, said on
Wednesday the restructuring scheme would involve debt
rescheduling, asset settlement and cash settlement.
He said the loan maturity would be extended to between 10
years and five years.
"As part of the restructuring scheme Humpuss will also pay Rp
160 billion in cash up front and hand over some of its assets to
IBRA for debt repayment," he said.
One of the assets to be handed over to IBRA is the group's
headquarters on Jl. Merdeka Timur in Jakarta, according to a
government source.
The debts to be restructured comprised US$307 million, Rp 167
billion ($23.85 million) 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.
The Humpuss debts are part of about Rp 230 trillion in
nonperforming loans transferred by state and private banks to
IBRA.
IBRA earlier said the dollar debts owed by Humpuss Group
companies, namely PT Humpuss Aromatic, PT Humpuss Terminal and PT
Mabua Intan Express, would be rescheduled.
While the rupiah debts of PT Humpuss Patragas, PT Humpuss
Terminal, PT Gatari Air Service, PT Sekar Artha Sentosa and PT
Humpuss Pengolahan Minyak are to be settled through cash and
asset settlements.
The remainder of the Humpuss debts will be resolved through a
debt-to-equity swap, according to the agency.
"We are confident we can implement the new terms and
conditions as stipulated in the restructuring agreement to be
signed soon," Mansur said after the extraordinary shareholders
meeting of Humpuss Group affiliate PT Humpuss Intermoda
Transportasi (HIT).
Shareholders of HIT approved the management's proposal in
taking over a 44 percent stake of liquefied natural gas
transportation company Cometco Shipping Inc.
The 44 percent stake is currently owned by investment holding
company Humpuss Inc. which is based in the Republic of Liberia.
"HIT currently holds a 51 percent stake in Cometco. After the
44 percent takeover HIT will have a 95 percent stake in Cometco,"
said HIT president Budhi Halim.
Cometco's 44 percent stake, worth US$99.5 million, will be
paid through a payment schedule with 30 installments starting
from November 2000 until May 2010. (udi)