Singaporean Court gives CP Prima’s bond restructuring plan a green light
03:02:35JAKARTA – The High Court of the Republic of Singapore approves Blue Ocean Resources Pte Ltd’s plan to restructure its bonds worth USD 162.46 million. The said company is a subsidiary of PT Central Proteina Prima Tbk (CPRO).
Armand Ardika, Corporate Secretary of Central Proteina Prima, confirms that Vinodh Coomaraswamy, the Judge of the High Court, had established that decision last week (31/8). “The copy of the decision and approval of the High Court had recently signed by Teh Hwee Hwee, the Registrar of the Supreme Court, on September 3, 2021,” he adds in detail.
Blue Ocean’s plan is now a go as the High Court of Singapore is the last rightful institution to grant permission regarding where the bonds would be issued. Previously, it had obtained approval during its Independent General Shareholders Meeting on June 23, 2021.
The restructuring process would cut CP Prima’s debts by 51% to USD 79.58 million from the initial USD 162.46 million reported by October 2020. Additionally, the interest rate would be recalculated to 10% per year from the previous 8% per year applied to the last debt.
Investment Opportunities V Pte Ltd (IOV), an investment company under Ares SSG Capital Management (Hong Kong) Ltd (SSG), would act as the arranger in the said corporate action. IOV is considered an affiliate as Tobias Ernst Chun Damek takes office as Commissioner of CP Prima as well as a part of SSG. (LK/ZH)