Tjahya Motor secures debt deal

Tjahya Motor secures debt deal

JAKARTA (JP): PT Tjahja Motor Corporation, the sole
distributor of BMW cars in Indonesia, has received approval from
its creditors to reschedule its US$55 million debt, the company
said here on Thursday.

Under the debt agreement, which was signed with the creditors
in Singapore last week, the company's debt repayment period will
be extended to five years, including a grace period of 18 months.

Tjahja Motor, a subsidiary of the widely diversified Astra
Internasional, said that the creditors had also agreed to extend
the repayment period for another one year if the company could
not repay the debt within the five year period.

The interest rate of the debt has been fixed at 1.8 percentage
points over the Singapore Interbank Offered Rates (Sibor).

Tjahya Motor is the last company under Astra Internasional to
complete its debt restructuring program.(hen)