Intraco reschedules debt

JAKARTA (JP): Publicly listed PT Intraco Petra announced yesterday it was negotiating with creditors to restructure its U.S. dollar-denominated debt.

The company said its foreign debt currently stood at US$50.4 million, of which $20 million had been hedged at Rp 2,662 per U.S. dollar.

"Currently, Intraco Penta is negotiating with all of its creditors, consisting of 18 local and foreign local banks, to reschedule the company's debts for a period of five years."

It said negotiations could last for six months.

Intraco, which engages in heavy equipment sales and rental, booked net profits of Rp 2.23 billion (US$212,000) last year, down from Rp 4.13 billion in 1996. Net income per share dropped to Rp 26 from Rp 47. (rid)