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)