Medco restructures debts

Medco restructures debts

JAKARTA (JP): Medco Group has restructured US$623 million in
debts, or 86 percent of the total, the company said in a
statement on Friday.

"The remaining $100 million of debt, of which $40 million is
with IBRA (Indonesian Bank Restructuring Agency) and $60 million
with other financial institutions, is currently under negotiation
for the group's next debt restructuring program," it said.

It said Medco Group's total debt stood at $613 million and Rp
881 billion, or together about $723 million as of the end of
1997. It did not provide the latest data on the group's total
debts.

All the personal wealth of the group's owner, businessman-
politician Arifin Panigoro, has been pledged to creditors to
cover the restructured debts, the company said.

Arifin is the majority shareholder in the group.

The group operates diversified businesses, including petroleum
services, food and agriculture, construction, manufacturing and
financial services. (udi)