Bakrie Sumatera Plantation at Default Risk
22 September 2014 16:20 WIB
TEMPO.CO, Jakarta - Bakrie Sumatera Plantation (UNSP) is at risk of defaulting on its obligation to pay the interests of its loans, which is estimated to be around US$ 100 million, or Rp1,1 trillion.
The publicly-listed company has begun intensive negotiations with its creditors to come up with a solution for the company's financial woes.
UNSP director Balakhrisnan Chandrasekaran said the results of the negotiations would be relayed to the bourse in due time. "Our company aims at finishing the negotiations with lenders by the fourth quarter of 2014," said Balakhrisnan at the Indonesian Stock Exchange in Jakarta.
Balakhrisnan admits he is still unable yet to release the names of the company's creditors, and the exact date as to when the negotiations are expected to end. He also said that it was still premature to seal the fate of the company because the company's creditors had reaffirmed their commitment to supporting the proposals submitted by UNSP.
FAIZ NASHRILLAH