Geo Cepu reaches debt settlement deal with creditors
Tuesday, July 26 2016 - 03:05 AM WIB
PT Geo Cepu Indonesia has finally reached a debt restructuring agreement with the majority of its creditors accounting for 93.14 percent of the total debts of Rp 139.83 billion, Bisnis Indonesia reported on Tuesday.
The paper said that debts owed to PT Pertamia EP, the largest creditor, will be gradually repaid between July and December of this year.
Debt owed to PT Aliansi Lintas Teknologi to be repaid once the debt restructuring proposal has been approved by the court. Debt owed to PT SAS International, PT Setamaindra Surya Adi Utama, and PT Sinar Surya Graha to be repaid between 2016 and 2017.
Meanwhile, debt owed to PT Trista Multi Kencana to be repaid between March 2017 and February 2020. The creditor rejected the proposed debt settlement deal, describing it as a discrimination. (*)