Gajah Tunggal emerges from distressed past

Indonesian tyre-maker Gajah Tunggal benefits from being anything but Chinese property.

Gajah Tunggal emerges from distressed past

What a difference a few years makes. And, if anything, it proves that memories are short. Back in 2009, Indonesian tyre-maker Gajah Tunggal was forced to restructure its bonds to avoid defaulting on a coupon payment. Yet on Friday, it made a successful return to the debt markets, closing a $500 million high-yield bond.

Its five-year bond, which is callable after three years, is one of the few this year to be sold under the...

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