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Friday, July 2, 2010

Bahtera to Sell Boats to Service Bonds

Friday, 02/07/2010 00:00 WIB

Bahtera to Sell Boats to paid off bonds

Irvin Averiano A.
Bisnis Indonesia

JAKARTA: PT Bahtera Adimina Samudra Tbk intends to sell 34 iron boats to paid off IDR75 billion in first series bond (2000) and its liabilities to the creditors.

Director and Corporate Secretary of Bahtera Adimina Panudju Adjie said the company was still negotiating with the creditors.

"We will focus this year on servicing our debts and liabilities before thinking of the company's business sustainability," he told Bisnis this week.

Bahtera Adimina is a bond issuer that is restructuring its matured bonds.

The default on bond is attributable to soaring fuel prices in 2005 and the operational suspension of the company in 2007. As of the end of 2009, the company still had IDR273.6 billion in current liabilities and IDR10.72 billion in non-current liabilities. Last year, the company also booked IDR53.07 billion in net loss.

The company has held several bondholders general meeting (RUPO) to discuss the bond payment. As of June, the company still defaulted on paying its 40th bond coupon.

The company was supposed to service its bond when it matured on June 5, but the company so far is still negotiating the way to service its liabilities.

He explained of the 34 boats, two were in Tual, Southeast Maluku and the rest were in China. According to him, nearly all of the ships were out of order, making the company plan to sell them in scraps.

"Since they have never been used, they are out of function right now. We have also sold off out wood boats."

According to him, the company had also got approval from the shareholders, who will help the company servicing its liabilities to the investors. He added this had been informed to Indonesia Stock Exchange (BEI).

Panudju also hinted the shareholders may sell assets to service the company's bond and debt.

In the information expose to BEI last weekend, Panudju disclosed the company asked for one or two months to determine what it would do next to service its debts. The company also opens the possibility for the creditors and bondholders to convert the debts to equities.(Bisnis/iaa)

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