Pelayaran pushes back debt payment deadline
Tuesday, December 24 2013 - 01:47 AM WIB
Indonesian shipping company PT Pelayaran Index Lines (PIL), a subsidiary of IDX-listed PT Tanah Laut Tbk, has recently reached an agreement with its Malaysian creditor Equatorex Sdn Bhd to push back the deadline for debt payment.
Tanah Laut said in a statement received Tuesday that under a revised loan agreement, signed on December 19, the deadline for the debt repayment has been pushed back to June 2014 from the original deadline of January 11, 2014.
The company said that PIL has to delay the full repayment of the debt as it still needs working capital to complete the coal loading and unloading works at the Tarahan Port in Lampung signed with coal miner PT Bukit Asam Tbk (PTBA).
PIL on February 8, 2012 signed a Rp 25.54 billion loan deal with Equatorex to finance the coal loading and unloading works.
Elsewhere, Tanah Laut said that of the Rp 25.54 billion debt, PIL has so far repaid Rp 15.54 billion.
Editing by Reiner Simanjuntak