Polysindo appoints advisers

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)