Brief: Trikomsel updates on coupon payments

Polaris

19/11/2015 11:14

Nov 19 (Reuters) - Trikomsel Oke Tbk PT  TRIO.JK : 
 * "Currently has significantly more foreign currency debt and is therefore more exposed to currency risk" 
 * "Is exploring all options, but currently has only extremely limited trade financing lines" 
 * "Cash on hand is insufficient to cover both the coupon payments and working capital" 
 * company does not believe that financing in the amount required to repay the bonds is commercially available 
 * "Company is not in position to repay bonds from these assets" 
 * company does not have substantial fixed assets and most of its inventory and receivables are secured to its bank creditors 
 * "Anticipate the restructuring will include an equity injection by existing and/or new shareholders" 
 * Conducted liquidation analysis, believes unsecured creditors would likely recover 3 cents on dollar in a liquidation scenario 
 * company believes it can recover substantial value for unsecured creditors 
 * "Neither Polaris nor its controlling shareholder was the selling party to such stake acquisition" 
 * Will review its hedging policies in the context of its discussions with its creditors 
 * "Not able to comment directly on the company's competitors' situation" 
 * Source text for Eikon  ID:nSNZ96FjCc  
 
 ((For more news, please click here  TRIO.JK ))  
 ((Bengaluru Newsroom; +91 80 6749 1130))