Brief: Trikomsel issues statement from Trikomsel Noteholder Steering Committee

Polaris

05/10/2016 06:24

Oct 5 (Reuters) - Trikomsel: 
    * Issues statement from Trikomsel Noteholder Steering 
Committee 
    * Trikomsel Noteholder Steering Committee - Unsecured and 
secured creditors have agreed to convert a significant amount of 
existing debt into equity of co 
    * Trikomsel Noteholder Steering Committee - Under 
composition plan ratified by court, all SGD notes will be 
exchanged for 25% of restructured co's fully diluted equity 
    * Trikomsel Noteholder Steering Committee - Proposed that 
25% equity stake allocated to noteholders be held in a Singapore 
law governed trust arrangement 
    * Trikomsel Noteholder Steering Committee - Understands that 
co continues to be a going concern 
    * Trikomsel Noteholder Steering Committee - Also notes 
significant dilution of original shareholders under plan, 
including stakes previously held by Polaris Ltd and Softbank 
    * Trikomsel Noteholder Steering Committee - Understands that 
co currently unable to make payment on its secured and unsecured 
liabilities, including SGD notes 
 
Source text for Eikon:  ID:nSNZ8SsFqM  
Further company coverage:  TRIO.JK  
 
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