Monday, September 14, 2009

Mandiri takes stern measures Garuda, Suba & Djajanti

PT Bank Mandiri Tbk takes stern measures to settle debt of Garuda Indonesia, Djajanti Group, Suba Indah and Dewata Royal through bilateral communication up through to court.
Director of Special Asset Management of Bank Mandiri Abdul Rachman said it would take rigid measures against the debtors lacking of goodwill upon considering various aspects.
About Garuda, Bank Mandiri still had MCB (mandatory convertible bonds) worth IDR1 trillion, Bank Mandiri has made a series of discussion with State Enterprise Ministry as the shareholder, Bank Indonesia, Finance Minister, and Garuda management.
It reached deal that Bank MAndiri considered to convert MCB into Garuda shares and to sell the conversion here on Garuda IPO with the guarantee of the proceeds worth the outstanding MCB plus the 18 percent internal rate of returns (IRR).

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