Indonesia's Bakrie signs $76 million restructuring agreement

PT Bakrie Sumatra Plantation (JSX:UNSP) had reportedly signed an agreement with its foreign creditors on the restructuring of $76 million debt whereby Bakrie could extend its payment of the principal debt for three years, with an interest rate of 3.5 percentage points above the Singapore Inter-Bank Offered Rates [SIBOR].

The debt consists of $73 million in syndicated loans managed by Credit Suisse First Boston and $3 million trade financing provided by Credit Lyonnais.

Bakrie will pay the principal debt in quarterly installments over the next three years.