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)