JAKARTA (Yosefardi) – Marine logistic company PT Trada Maritime Tbk (TRAM) targets to settle payment of US$35 million debt within next three months, funded by its claims on insurances.
TRAM bagged US$35 million loan facility from International Finance Corporate (IFC), used to fund the modification of its Lentera Bangsa FSO. The vessel was burned out while being modified, then TRAM is claimed to facing a technical default.
TRAM suffered loss of US$34.27 million in 2014, against profit of US$1.63 million in 2013, due to assets depreciation of by US$25.1 million following the burn-out of Lentera Bangsa FSO and MV Samudera Bangsa in September 23, 2011.
TRAM is now proposing the reverse stock split, one for five, and plans to boost its authorized capital to Rp3.89 trillion.