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Bakrie Sumatera to focus on debt restructuring plan
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A bird's eye view of an oil palm plantation in Dumai, Riau. (Antara Photo/Rony Muharrman)
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T Bakrie Sumatera Plantations (UNSP), a publicly listed palm oil and rubber company, will focus on debt restructuring this year, following its decision to reshuffle the positions of its top executives on Monday.
UNSP is planning to convert all its debts into equity in order to improve its overall performance, UNSP director Andi W. Setianto said after the company’s annual shareholder’s meeting in Jakarta.
“We will maximize negotiations with our creditors because our debts are huge. Our new management team comprise people who are experts in the capital market. So, we hope they can accelerate the negotiation process with creditors,” he told reporters.
Read also: Bakrie Sumatra Plantation plans to conduct reverse stock splitOn Monday, shareholders approved the appointment of Bayu Irianto as new president director and B.S. Vinayak as new chief financial officer, replacing Muhammad Iqbal Zainuddin and Balakrishnan Chandrasekaran, respectively.
UNSP’s first half financial report shows that the company’s total liabilities stood at Rp 13.6 trillion (US$1.10 billion), comprising short-term liabilities of Rp 11.19 trillion and long-term liabilities of Rp 2.48 trillion.
