Polysindo appoints advisers

JAKARTA (JP): Publicly listed PT Polysindo Eka Perkasa, a member of the Texmaco Group, announced on Friday the appointment of financial advisers to help renegotiate its debts.

Polysindo, a major vertically integrated polyester producer, appointed Donaldson, Lufkin & Jenrette (DLJ) as its financial adviser for the negotiations of the terms of its long-term bonds.

The company also appointed PT Asia Kapitalindo Securities to negotiate the terms of its short-term notes.

Like most of other Indonesian companies, Polysindo has been unduly burdened by the severe depreciation of the rupiah against the U.S. dollar, and the general downturn in the regional economy.

The company said in a statement that, through its advisers, it expected to work closely with its creditors through negotiations. (hen)