No decision on TPI's notes

No decision on TPI's notes

NEW YORK (Dow Jones): Publicly-listed PT Tri Polyta Indonesia (TPI) will pursue restructuring of its US$185 million in secured, 11 3/8% notes due 2003.

In a press release Tuesday, the company cited poor operating results, and said it will not make any decision on the notes' June 1, 1999, interest payment until it has consulted with a soon-to-be hired financial advisor.

Tri Polyta said the advisor will also consult on the restructuring of the notes.

Tri Polyta, an Indonesian polypropylene manufacturer, reported a loss for the first quarter ended March 31 of Rp 141.2 billion, on sales of Rp 246.8 billion.

That compared with a loss of Rp 560.5 billion, on sales of Rp 199 billion, for the same period a year ago.

Tri Polyta's New York Stock Exchange-listed American depositary receipts were delayed at the market's opening Tuesday. They closed Friday at 1 3/8, unchanged from the previous day.