Asia Fibers to Propose New Options for Debt Restructuring

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Wednesday, 07 December 2011 10:37

Written by Hans GN

sia Pacific Fibers, to Propose New Options for Debt Restructuring

Theindonesiatoday.com - PT Asia Pacific Fibers Tbk (POLY) said it will propose new options for its $1 billion debt restructuring as the existing proposal has not yet approved by state asset management company PT Perusahaan Pengelola Asset (PPA).

Asia Fibers' debt to PPA totals US$260 million, a 24% of total debt. The rest US$740 million is bond debt listed in the New York Stock Exchange.

Ravi Shankar, POLY's president director, said the company had proposed debt restructuring options such as debt to equity conversion, debt rescheduling and investment by new strategic investor.

"We are now discuss some new options and will disclose after finishing the review on that options," he was quoted as saying by Investor Daily.

Ravi added the company intends to seperate its debt from its holding PT Texmaco Jaya, an alternative to accelerate debt restructuring.

For earning target, he said, the company expects 30% growth in sales to Rp5.8 trillion this year, compared to Rp4.46 trillion last year. It booked sales of Rp4.2 trillion in first 9 months to September 2011, grew 33% from Rp3.16 trillion in the same period of last year.

However, for 2012, Ravi said the company expects a flat growth in sales as global economic condition will have not improved. (hans@theindonesiatoday.com)

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