PT Davomas Abadi Tbk appointed ING Bank NV-Singapore as the finance advisor for Davomas debt restructuring plan.
President Director of Davomas Berliana Sukarmadidjaja said the efforts went along with the failure of bond coupon payment worth US$13.09 million as from the total issued US$238 million bonds.
"We declare that the company appointed ING Bank as the finance advisor and professional institution dealing with the debt restructuring plan," he said in public expose to the Indonesia Stock Exchange (IDX) last week.
Davomas Abadi failed to pay US$13.09 bond coupon or worth UDR136.14 billion on the due date of May 8 due to the crashed cash and worsening financial performance.
Corporate Secretary of Davomas Hasiem Willy added the payment failure the was due to the drastic drop of market demand in quarter III/2008 which led to sales loss.
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1 comment:
"he" should read "she"
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