Shareholders of PT Davomas Abadi Tbk agreed the corporate US$238 million debt restructuring.
The shareholders in the EGMS last week also agreed corporate collateral for the bond issuance done by its subsidiary Davomas International Finance Company Pte Ltd.
Now, the company is offering debt restructuring so as to pay half coupon as of the early deal of 5.5 percent per year which will mature on May 8, 2011. The bond initially set the 11 percent coupon to investors for a year.
With the coupon default, Standard & Poor's cut down Davomas rating from CCC+ into D level May. Davomas Agadi used bond issuance to purchase new machine to produce deodorize butter and alkalize powder.
The bond coupon default was on May 8 2009 worth US$13.09 million. The bonds were divided into three parts, first stood at US$125 million, second US$25 million on December 21, 2006, and third US$88 million on August 31, 2007.
With the coupon default, Standard & Poor's cut down Davomas rating from CCC+ into D level May. Davomas Agadi used bond issuance to purchase new machine to produce deodorize butter and alkalize powder.
The bond coupon default was on May 8 2009 worth US$13.09 million. The bonds were divided into three parts, first stood at US$125 million, second US$25 million on December 21, 2006, and third US$88 million on August 31, 2007.
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