• SIGNING OF USD 900 MILLION MASTER RESTRUCTURING AGREEMENT OF TUBAN PETRO

• 23 December 2011 by admin 0 Comments

On 23 December 2011, PT Tuban Petrochemical Industries (“Tuban Petro”) and one of its subsidiary companies, i.e. PT Trans Pacific Petrochemical Indotama (“PT TPPI”) agreed on their debt restructuring by signing Master Restructuring Agreement (Perjanjian Induk Restrukturisasi) with their State-Owned Company (BUMN) creditors (“RMA”).

After being approved by both the BUMN Minister and the Finance Minister, this RMA will serve as the umbrella agreement in relation to the accomplishment of Tuban Petro’s and PT TPPI’s debt restructuring with PT Pertamina (Persero) (“PERTAMINA”), PT Perusahaan Pengelolaan Aset (Persero) (“PPA”), and Badan Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (“BP MIGAS”).  The approximately USD 900 million of restructured debts will be paid to PERTAMINA, PPA, and BP MIGAS.

Hanafiah Ponggawa & Partners (“HP&P”) is delighted to announce our involvement in this restructuring transaction by representing PERTAMINA as its legal counsel led by one of its partners, Mr. Fabian B. Pascoal.

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  Banking & Financial service , Natural Resources

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