ID :
81771
Sat, 09/26/2009 - 00:00
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Shortlink :
https://www.oananews.org//node/81771
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GOVT ASSURES GARUDA TO PAY ITS DEBTS TO MANDIRI
Jakarta, Sept 25 (ANTARA) - The government assured here on Friday that PT Garuda Indonesia would pay its debt worth Rp2.36 trillion to PT Bank Mandiri Tbk.
"Garuda remains committed to paying its debt to Mandiri, but methods of payment still have yet to be discussed," state enterprises minister Sofyan Djalil said at his office.
The airline company's debt of Rp2.36 trillion is part of its total principal sum and interests reaching Rp3.36 trillion, after around Rp1 trillion of it being converted into shares.
Sofyan Djalil said Garuda's debt settlement had so far been focused on converting it into shares reaching an equivalent of 11 percent.
"The rest (Rp2.36 trillion) will be paid but the method of payment still has yet to be determined," he said.
PT Bank Mandiri had demanded Garuda to immediately pay all its debts to the bank.
The signal was known from the absence of a greenlight from the House of Representatives (DPR) to pay the debts from the national budget.
In response to it Sofyan said he did not understand why Mandiri had urged Garuda to pay its debts all at once.
Sofyan could not tell if Garuda's debt payment would be done using the national budget or other methods.
Apart from the budget the most possible option is through an initial public offering of up to 49 percent shares with most of the proceeds to go to Mandiri.
"If the proceeds from the IPO is around Rp1.6 trillion they could be directly paid to Mandiri," Sofyan said.
He said it was hoped the IPO could be done in 2010.
The state-owned airline company's debts accumulated since 2001.
Sofyan said discussions on the menthods of Garuda's debt payment still continued also involving Bank Indonesia as banks were not allowed to hold shares of non-financial companies.
He said however that Garuda had to be saved, adding that actually state-owned Bank Mandiri was also obliged to write off Garuda's debts.
"Garuda also needs development and it is impossible for the government to release more than 49 percent of its shares in the company because if all Garuda's debts are converted into shares the company would no longer become a government-owned company," he said.
He said Garuda also needed a capital to procure 30 planes in 2014. "So relax. The government will not run," he said. ***
"Garuda remains committed to paying its debt to Mandiri, but methods of payment still have yet to be discussed," state enterprises minister Sofyan Djalil said at his office.
The airline company's debt of Rp2.36 trillion is part of its total principal sum and interests reaching Rp3.36 trillion, after around Rp1 trillion of it being converted into shares.
Sofyan Djalil said Garuda's debt settlement had so far been focused on converting it into shares reaching an equivalent of 11 percent.
"The rest (Rp2.36 trillion) will be paid but the method of payment still has yet to be determined," he said.
PT Bank Mandiri had demanded Garuda to immediately pay all its debts to the bank.
The signal was known from the absence of a greenlight from the House of Representatives (DPR) to pay the debts from the national budget.
In response to it Sofyan said he did not understand why Mandiri had urged Garuda to pay its debts all at once.
Sofyan could not tell if Garuda's debt payment would be done using the national budget or other methods.
Apart from the budget the most possible option is through an initial public offering of up to 49 percent shares with most of the proceeds to go to Mandiri.
"If the proceeds from the IPO is around Rp1.6 trillion they could be directly paid to Mandiri," Sofyan said.
He said it was hoped the IPO could be done in 2010.
The state-owned airline company's debts accumulated since 2001.
Sofyan said discussions on the menthods of Garuda's debt payment still continued also involving Bank Indonesia as banks were not allowed to hold shares of non-financial companies.
He said however that Garuda had to be saved, adding that actually state-owned Bank Mandiri was also obliged to write off Garuda's debts.
"Garuda also needs development and it is impossible for the government to release more than 49 percent of its shares in the company because if all Garuda's debts are converted into shares the company would no longer become a government-owned company," he said.
He said Garuda also needed a capital to procure 30 planes in 2014. "So relax. The government will not run," he said. ***
