Medco repays US$97m debt

Medco repays US$97m debt

JAKARTA: Energy firm Medco Group has repaid its US$97 million
debt to state-owned investment firm PT Bahana Pembinaan Usaha
Indonesia.

Medco Group's CEO Hilmi Panigoro was quoted by Antara as
saying Tuesday the business group had taken out the loan in 1997
to finance its expansion, but the economic crisis later made it
unable to repay the debt on time.

In 1998, it repaid $22 million of the debt and restructured
the remaining $75 million.

It made a payment worth $37 million in 2001 and another $25
million in January this year. The last payment worth $13 million
was made in August this year. -- JP