INDONESIA: Troubled Texmaco To Merge Units
Indonesia's Financial Services Policy Committee said it has agreed to merge two units of the indebted Texmaco Group as part of an operational restructuring. 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.
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