Medco vows to pay remaining debt next month
Tuesday, March 12 2002 - 01:50 AM WIB
Oil and gas firm PT Medco Energi International will pay all of its remaining US$13 million debt to the state-owned financing firm PT Bahana Pembinaan Usaha Indonesia next month, according to its chairman Arifin Panigoro.
He was also quoted by the Bisnis Indonesia daily as saying that the oil conglomerate would start repaying its $46 million debts to the Indonesian Bank Restructuring Agency (IBRA) next month via a 10-year installment mechanism.
Arifin said that Medco has been selling various assets to repay its debts.
Medco has already paid around 99 percent of its debts to BPUI.
?We?ll continue to sell assets. The important thing is that our debts must be repaid,? Arifin said.(*)