Osprey's debts rescheduled

Osprey's debts rescheduled

SINGAPORE (Bloomberg): Osprey Maritime Ltd., a Singapore-based
shipping company with ties to the family of former Indonesian
president Soeharto, said its creditor banks agreed to roll over
US$370 million in debt for at least three
months.

The debt was due to mature on July 20, and the ability to
delay its repayment buys time for the loss-making operator of oil
tankers, letting it use its resources to secure new contracts,
generate more sales and return to profit.

"We were a victim of the Asian crisis," said Chairman Timothy
Cottew in an interview. "It's a challenge you don't walk away
from - you fight for survival."

The company, in which Soeharto's son Bambang Trihatmodjo had
an indirect stake of 40.9 percent as of mid-April, got its four
"arranger" banks, Christiana Bank, Den norske Bank AS, Credit
Agricole AS and CS First Boston, to agree to the debt extension,
he said.

Osprey, which is being advised by Lazard Brothers, lost $14.9
million, or 8.83 cents a share, in 1998, compared with a profit
of $19 million, or 10.65 cents, the year before.