Indocement closer to debt deal

Indocement closer to debt deal

JAKARTA (JP): Publicly listed cement producer PT Indocement
Tunggal Prakarsa said on Thursday it had secured the commitment
of its creditors to restructure debts of US$1.1 billion.

Indocement said it had signed an agreement with its lenders,
committing both the company and its creditors to a debt
restructuring.

The company also said it had extended its ownership to a 100
percent stake in its subsidiary, cement producer PT Indo Kodeco
Cement, as part of the restructuring process.

According to the company, its restructuring transaction was
the largest restructuring of international bank debts to date in
Indonesia.

Indocement expects to finalize a debt restructuring deal by
the end of this year. (bkm)