Kalbe Farma reaches deal with creditors

Kalbe Farma reaches deal with creditors

JAKARTA: Pharmaceutical company PT Kalbe Farma said it has reached a deal with its creditors to restructure $85 million of debt, paving the way for more investment to expand its business.

After a series of negotiations the working group of creditors agreed to the debt restructuring proposal, Kalbe Farma's Director Vidjongtius said in a statement Wednesday.

Under the proposal, the company will reschedule the maturity of its debt to 2010 from 2005.

The Royal Bank Of Scotland Group PLC. heads the working group of creditors, which also comprises ABN Amro Holding N.V and Westdeutsche Landesbank. -- JP