Monday, January 18, 2010

Suspended CP Prima will be revoke

The Indonesia Stock Exchange (IDX) plans to revoke suspended PT Central Proteinaprima Tbk (CP Prima) stocks tomorrow.
IDX last week suspended CP Prima stocks. The largest integrated shrimp ponds emitter failed to pay the US$17 million coupon on the due date on December 28 from the US$325 million bonds issued by the subsidiary firm, Blue Oceans Pte Ltd.
Fitch Ratings and Moody's have cut off the rating of CP Prima from C and Caa into CC and Ca. Both overseas rating firms here waited for the decision made by management of CP Prima within 30 days since the default to decide the further ratings.
CP Prima plans to call for debt standstill from the bond holders within 30 days prior to the payment of US$17 million coupon due on December 28, 2009.

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