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.