Mulia Industrindo debts

Mulia Industrindo debts

JAKARTA (JP): Publicly listed glass and ceramics producer PT Mulia Industrindo said on Tuesday it was optimistic restructuring of its US$550 million debt to foreign creditors would be concluded in the third quarter of this year.

The company said its foreign creditors' steering committee, which includes representatives from the Bank of America, the ABN AMRO Bank, Credit Lyonnais and the Sakura Bank had agreed in principle to the debt restructuring proposal.

In a statement issued after its annual shareholders meeting, Mulia Industrindo said the maturity of the debt would be extended until 2007. Should the company fail to repay the debt by that time, a debt to equity swap had been offered to the banks, under which the creditors could take a 15 percent stake in the company.

Mulia Industrindo produces ceramics, flat glass, glass containers and glass blocks. (hen)