Ilthabi settles Petrosea arrears
Thursday, November 3 2011 - 04:07 AM WIB
IDX-listed mining contractor PT Petrosea Tbk reported on Tuesday that it has on October 31, 2011, received US$10 million from PT Ilthabi Bara Utama as settlement for that latter?s debt arrears.
Petrosea said that the debt settlement deal was reached through mediation process facilitated by Singapore Mediation Center.
Petrosea had entered into agreement with Ilthabi, which was then controlled by Ilham Habibie, son of former president BJ Habibie, on June 29, 2007 to develop the Pakar greenfield coal mining project and construct supporting facilities located in East Kalimantan.
Due to the continuous failure of Ilthabi to meet the contractual payment terms on October 10 2008, Petrosea initiated suspension of project activities.
Petrosea Tbk has in 2010 written-off non performing receivable worth $28.84 million to Ilthabi because it failed to make Ilthabi pay its debts.(alex)