The Jakarta Post
Bank Mandiri, the country’s largest bank, is to restructure Rp 3 trillion (around US$225 million) in debts owed by a number of firms hard hit by the global downturn.
Mandiri director Abdul Rachman said on Wednesday the restructuring was being made at the request of the companies, which are mostly exporters facing financial difficulties as slower demand for their products has hurt their earnings.
“I hope that with this restructuring program, their business will keep rolling in,” Abdul said.
Under the restructuring, which will start to take effect from March until June, each debtor would be given the chance to reschedule their debt payment. “We will give them options for delaying the overdue debts of up to one year,” Abdul said.
Each debtor could delay payment on the debt principal instalments, but would still be required to pay the interest. ...