Brief: Trikomsel updates on progress of restructuring discussions

Polaris

18/01/2016 07:18

Jan 18 (Reuters) - Trikomsel Oke Tbk PT  TRIO.JK : 
 * Progress on the restructuring as a whole has been affected by the launch of formal proceedings against the company in Indonesia 
 * On 4 January 2016, an insolvency related petition was granted by the indonesian court in respect of the company 
 * Finalised the appointment of borelli walsh as financial adviser to the company's creditors " 
 * It believes that the current restructuring process can be conducted within the framework of the pkpu process 
 * Company is optimistic that it will be able to propose a composition plan which can be supported by the requisite majority of creditors 
 * Pkpu provides an opportunity for the company to propose a restructuring plan to its holders as a settlement of debt 
 * Received registrations for bondholder calls from holders claiming to hold approximately 71% of the notes" 
 * company will recognize the full amount of the notes in the pkpu proceedings and any restructuring plan 
 * Recommends that the holders seek independent legal advice on their participation in indonesian court proceedings 
 * Source text for Eikon  ID:nSNZ9TxSpc  
 
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