Mulialand to join INDRA

JAKARTA (JP): PT Mulialand, a property company listed on the Jakarta Stock Exchange, said on Tuesday it would join the government-sponsored private debt restructuring scheme to settle its US$200 million in foreign debt.

Company president Tjahja Sathiadi said the debt restructuring scheme provided by the Indonesian Debt Restructuring Agency (INDRA) would be more suitable for the property company.

He said Mulia would join INDRA's scheme in October.

Companies joining the government's debt settlement scheme pay their dollar-denominated debts in rupiah to INDRA, which then pays international creditors in dollars. The companies must first reach an agreement with creditors to roll over the maturity of the debts to eight years before joining the agency. (hen)