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)