INDONESIA: Garment Maker Great River In Debt Buyback
The company, which owes around $172.5 million, said it would fund the program through $26m of financing. Its previous plan was scrapped last week amid spiralling wage costs and plunging orders.
Earlier this month, Citibank filed a bankruptcy petition against the company over a $2m debt. Great River was one of scores of companies hit hard by the Asian financial crisis of the late 90s.
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