IFC restructures RI firm

JAKARTA (JP): The International Finance Corporation (IFC), a subsidiary of the World Bank, has finished restructuring the finances of viscose rayon producer PT South Pacific Viscose to help maintain the company's position as a major supplier in Asia.

The restructure will increase South Pacific's capital and reschedule its debts, IFC said in a statement on Saturday.

South Pacific, located in Purwakarta, West Java, supplies some 5 percent of the world's viscose staple fiber needs.

IFC previously restructured hotel company PT Hotel Santika Nusajaya, cement manufacturer PT Semen Andalas and particle board manufacturer PT Rimba Partikel Indonesia.

IFC is a member of the World Bank Group with a mission to promote private investments in developing countries in the hope of reducing poverty and improving people's standard of living.

IFC funds private investments, mobilizes funds in international currency markets and provides technical help and advise to government institutions and businesses. (10)