JAKARTA: Publicly listed financial services company Bakrie
JAKARTA: Publicly listed financial services company Bakrie
Finance Corporation (BFC) gained the approval on Wednesday of
most of its creditors for the restructuring of its debts worth Rp
1.46 trillion (about US$158 million).
Company spokesman Lalu Mara Satriawangsa said in a statement
on Wednesday that 97.4 percent of its creditors, representing
total debts of Rp 1.42 trillion, voted to approve the debt
restructuring proposal presented by the company to the Central
Jakarta Commercial Court.
Under the debt restructuring deal, the company is to transfer
all its assets to a special purpose vehicle, Lalu said.
The assets include insurance firms PT Asuransi Ikrar Lloyd and
PT Asuransi Jiwa Bakrie, securities firm PT Bintang Sekuritas
Indonesia, and financial services company PT Swadinamika Bakrie
Finance.
Lalu said by gaining approval for the debt restructuring
proposal, BFC had now completed the restructuring of debt
totaling Rp 2.2 trillion. -- JP
-JP
Davao-Manado flight launched
MANILA: President Gloria Macapagal Arroyo inaugurated on
Wednesday the start of a regular weekly Philippines-Indonesia
flight serving areas that Southeast Asian leaders have been
trying to jointly develop.
Arroyo banged a ceremonial gong at an international airport in
the southern port city of Davao to launch the maiden Air
Philippines flight from that trading and tourism hub to Manado,
Indonesia.
The service will complement Philippine cargo flights to Manado
launched by another local company, Aboitiz One, in January, a
government statement said.
The two countries, along with Brunei and Malaysia, started
promoting economic growth in 1994 in neighboring provinces
comprising the Brunei, Indonesia, Malaysia and the Philippines-
East Asean Growth Area, or BIMP-EAGA.
The area has been lagging economically, burdened by security
problems from Muslim extremist guerrillas, pirates and smugglers.
-- Dow Jones
KPMG to acquire Andersen
NEW YORK: KPMG Consulting is close to acquiring embattled
Arthur Andersen's US consulting arm and part of the overseas
consulting business for more than US$250 million, The Wall Street
Journal reported Tuesday.
A deal could be announced within next week, accelerating the
breakup of Anderson following its involvement in the accounting
scandal of energy trading giant Enron, sources familiar with the
negotiations told the daily.
The talks, however, may not result in agreement and Andersen's
pending legal problems could prevent or delay any deal, the daily
said. -- AFP
SIA cancels flights to Katmandu
SINGAPORE: Singapore Airlines said Wednesday it will
indefinitely suspend flights to Nepal's capital, Katmandu.
The national airline said in a news release that it will stop
its three flights a week to Katmandu starting May 31.
The suspension was due to the "uncertain global operating
environment" for airlines, and there are no plans as to when the
flights will resume, a Singapore Airlines spokeswoman said on
condition of anonymity. She did not give further details.
Violence has recently escalated in Nepal, a popular tourist
destination, where Maoist rebels have been fighting since 1996 to
overthrow the Himalayan kingdom's constitutional monarchy and
impose communist rule.
Katmandu was recently rocked by explosions which killed two
people and wounded eight, and were believed to have been set off
by the guerrillas. -- AP