Suryainti Permata Tbk PT proposes cutting debt by 40% of the principal debt to the creditors Oversign BV
Director Henry J. Suryainti Permata Gunawan through exchange of information disclosure today revealed the company also proposed exemption of interest payments on certain days.
“The company also denied the existence of additional collateral. Until now there has been no response from the creditors of these proposals, “he said today.
He expressed that if this restructuring scheme against the company and its shareholders, to avoid greater losses, shareholders are willing to hand over assets for debt repayment.
The total value of debt acquired by Suryainti Gems of Oversign BV worth U.S. $ 70 million. He admitted the company could not pay the interest obligations due on January 20 because of the weakening Suryainti performance.
Oversign B.V. has also sent notice of default against the company on January 19. “The global financial crisis has pushed the company’s performance and yet no sign of recovery for the property with upper middle class segment.”
Henry revealed the company actually has proposed debt restructuring scheme but declined. In fact, he continued, this scheme considers the high cost of loan arrangement worth U.S. $ 3.5 million, Biya interest U.S. $ 20 million, and investment inefficiency costs of U.S. $ 16.5 million