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