MI to restructure debts

JAKARTA (JP): Publicly listed PT Mulia Industrindo (MI) announced on Monday that it had the green light from the majority of its creditors to restructure the company's US$550 million debt.

"The overwhelming majority of creditors have indicated their support for the debt restructuring," MI president Eka Tjandranegara said, reporting the results of the creditors' meeting held on Sept. 1 and Sept. 2 in Singapore.

He said that MI would get the formal creditors' approval over the terms and conditions of the debt restructuring proposal this month, and the signing of the deal would follow soon after.

MI owes money to, among others, Bank of America, ABN AMRO Bank, Credit Lyonnais and Sakura Bank.

Shares of MI are 54 percent owned by PT Eka Gunatama Mandiri, PT Mulia Grahapermai (26 percent) and the investing public (20 percent). (udi)