8 July 1999: Indonesia“s glass and ceramics producer PT Mulia Industrindo said it was optimistic that its US$ 550 million foreign debt restructuring would be concluded in the third quarter of this ye…
8 July 1999: Indonesia“s glass and ceramics producer PT Mulia Industrindo said it was optimistic that its US$ 550 million foreign debt restructuring would be concluded in the third quarter of this year. A local daily reported that Mulia“s foreign creditors steering committee, which includes Bank of America, ABN AMRO Bank, Credit Lyonnais and Sakura Bank had agreed in principle to the debt restructuring proposal. The company said the maturity of the debt would be extended until 2007. Should the company fail to repay the debt by that time, a debt to equity swap had been offered to the banks, under which the creditors could take a 15% stake in the company. Mulia Industrindo produces ceramics, flat glass, glass containers and glass blocks.