JAKARTA – PT Intraco Penta Tbk (INTA) restructures loans of three of its subsidiaries worth a total of IDR 2.3 trillion owed to PT Bank Mandiri (Persero) Tbk (BMRI).
Petrus Halim, President Director of Intraco Penta, announced said restructuring is intended to rearrange and conclude the loan facility from Bank Mandiri, as well as advancing the letter of credit (L/C) facility to PT Intraco Penta Wahana (IPW). “The restructuring involves extending the loan term to 10 years,” he added in the information disclosure quoted Friday (4/11).
According to Halim, this step is reasonable means to improve the cash flow of the company, as the cost of repayment to bank will become lower. Furthermore, it allows INTA to gradually restore the business group collectability level to “performing loan”.
The subsidiaries that have received the debt restructuring include IPW, PT Intraco Penta Prima Servis (IPPS), and PT Columbia Chrome Indonesia (CCI). The facility restructuring that involves debt novation to IPW and IPPS first began in 2019, while the additional novation to CCI just started this year. (LK/ZH)