INSIDER NEWS: Bakrieland to pay IDR280 billion debt Monday; payment was delayed due to clearing problem -Official

Posted on 5:22 am, March 11, 2013 by Managing Editor

(Insider Stories) — Indonesian property company PT Bakrieland Development (ELTY.JK) plans to pay off 280 billion rupiah in debt Monday.

The debt matured Friday but the company was unable pay because of a clearing problem, a company official said.

“We plan to pay the debt by noon from internally generated cash,” Bakrieland Development Finance Director Feb Sumandar told The Insider Stories.

This maturing debt is part of a IDR500 billion bond Bakrieland issued in 2008. The five-year bond with fixed-rate coupon of 12.85% a year matured March 11.

The company had IDR5 trillion total debt in 2012. To refinance part of that, Bakrieland is in the process of selling its PT Bakrie Toll Road and Lido Resort units to MNC Group for around IDR2 trillion.