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