Mulia restructures debt

JAKARTA (JP): Publicly listed floor tile and glass distributor PT Mulia Industrindo said on Thursday it and its subsidiaries had reached an agreement with creditors on terms for the restructuring of its US$260 million debt with them.

A Master Facilities Agreement (MFA) was signed on Wednesday by the company and its three subsidiaries -- publicly listed floor tile manufacturer PT Muliakeramik Indahraya, float glass manufacturer PT Muliaglass, and financial firm Mulia Industrindo Finance BV -- with 40 foreign and national creditors, the company said in a statement.

Company president Eka Tjandranegara said the company's management expected to complete the restructuring after meetings with two other primary creditor groups.

"The signing of the MFA today is the result of over two years' of intensive documentation and negotiation efforts," he said. (jsk)