JAKARTA (Indonesia Today) – State asset-management firm PT Perusahaan Pengelola Aset (PPA) has issued notice of default for PT Tuban Petrochemical Industries (Tuban Petro) as the company failed to pay multiyears bond, series VII, worth Rp734 billion.
Renny O. Rorong, PPA’s corporate secretary, said the bond had extended its matury to Sept 17, 2012 from August 27, 2012.
He said the payment of multiyears bond is part of master restructuring agreement (MRA) scheme proposed by Tuban Petro Group.
As Tuban Petro has been declared defaluted on bond payment, Renny said, PPA will execute companies and personal guarantees proposed by Tuban Petro and Honggo Wendratno.
That guarantees include 80% stake in PT Polytama Propindo, 50% stake in PT Petro Oxo Nusantara, 59.5% stake in PT Trans-Pacific Petrochemical Indonesia (TPPI), 30% stake in Tuban Petro owed by PT Silakencana Tirtalestari, Tuban Petro’s bills to PT Tirtamas Majutama (zero coupon bond) and 3rd rank fixed assets of TPPI. (ferdi@theindonesiatoday.com)