JAKARTA. The plan of restructuring the notes issued by Modernland Overseas Pte Ltd, the subsidiary of PT Modernland Realty Tbk (MDLN), has been approved by its creditors.
Through the information disclosure in Indonesia Stock Exchange (IDX) today (13/7), the management of MDLN claims to obtain the result of the voting for the Scheme of Arrangement held on July 12, 2021. The voting states that 97.78% of the scheme creditors have given their approvals. The said portion represents 99.52% of the total participating notes.
As an additional note, the said restructuring process takes place following the Notes worth USD 240 million listed on Singapore Stock Exchange. The bond would actually mature in 2024. However, due to the COVID-19 pandemic, the company has not been able to pay the maturing coupon, whose due falls in October 2020.
In May 2021, MDLN had submitted a request of a moratorium extension to the Singaporean Court, representing its subsidiary. The court then granted permission to extend the moratorium until August 31, 2021.
According to idnfinancials.com, MDLN owned total assets of IDR 14.58 trillion in 2020. However, its cash and cash equivalents only reached IDR 214.67 billion. (KR/ZH)