INDONESIA: Troubled Texmaco To Merge Units
The two units - polyester maker PT Polysindo Eke Perkasa and textile concern PT Texmaco Jaya - recently agreed in principle with secured creditors to restructure around $1.3bn in debt.
In September, Texmaco agreed to repay an additional $2.7bn owed to the Indonesian Bank Restructuring Agency. This was based on a successful debt workout for the group's indebted units, including Polysindo and Texmaco Jaya.
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