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