Medco to restructure debts owed by affiliates
Wednesday, November 7 2001 - 04:17 AM WIB
The publicly listed oil and gas firm PT Medco Energy International will restructure some Rp 71.88 billion (US$1=Rp 10,800) and US$84.19 million in debts owed by three of its affiliates including PT Medco Duta, PT Medco Intidinamika and PT Medco Sentral Asia.
In a letter to the Jakarta Stock Exchange, Medco said that the debts would be stretched to eights years with a three-year grace period. The interest rate for the rupiah debt is set at 7 percent, while for dollar-denominated debt is at 5 percent.
The company plans to seek the approval of independent shareholders for the debt restructuring plan at a company extra ordinary shareholders meeting on Nov. 29.(*)