IBRA gets a US$10.5m cash settlement

IBRA gets a US$10.5m cash settlement

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) received a cash settlement from PT Samudranakaya Grahaunggul, the operator of the Graha Unilever building, on Dec.28 last year, an agency press release stated on Tuesday.

Suryo Susilo, director of IBRA's communications division stated that the debtor had repaid an equivalent of US$10.5 million in debt consisting of principal, $9.73 million, and past due interest, $760,000.

He added that IBRA awarded the company a 75 percent discount on the interest rate because Samudranakaya agreed to pay more than Rp 50 billion (about $5 million) in cash toward the principal. --JP