Multi Agro Gemilang filed a bank debt restructuring request
JAKARTA – PT Multi Agro Gemilang Plantation Tbk (MAGP) plans to restructure its debts to PT Bank Pan Indonesia Tbk (PNBN) of IDR 250 billion. Director of Multi Agro Gemilang Plantation, Ari Wintarto, announces the news in the information disclosure, quoted Thursday (14/10).
“The scheme used is the maturity date extension. Once restructured, it would last approximately seven years,” Wintarto revealed.
It was mentioned that the company had installed monthly payments to the debtor, despite being late due to the COVID-19 pandemic. Even with a low interest rate, Wintarto believed his company could still pay its debts.
“The fund resources for the debt payment came from the company’s internal cash, accumulated from the Crude Palm Oil (CPO) and palm kernel sales,” Wintarto stated.
In the financial report in June 2021, MAGP recorded debts to PNBN that are due in a year of IDR 240.91 billion. These loans include a current account loan, a revolving loan, and a medium-term loan. The guarantee for these loans is the land cultivation right for all MAGP’s fixed assets. (LK/ZH)