Jul 15, 2010

MIRA restructures US$224 mio debts

PT Mitra International Resources Tbk (MIRA) is in talks creditors to restructure US$224.32 million of debts.
Mitra International, parent company of drilling operator PT Apexindo Pratama Duta, is underway to restructure US$18.25 million of Sabre Systems International Pte Ltd's (SSI) guaranteed and secured convertible notes with Ancora Investment No.1 Limited due in January 2010. SSI is 93.35% owned by Mitra International.
Mitra International Holdings Pte Ltd, wholly owned subsidiary of SSI, is also in discussion with holders of senior mezzanine note trust deed worth US$206.07 million due in March 2010.
SSI has strived to restructure US$68.18 million of guaranteed secured bonds with PT Medco Energi Internasional Tbk (MEDC) due in September 2009.
Beside the debts, SSI has US$44.23 million of guaranteed secured bonds to Encore International Limited due in September 2010.
Mira Holdings has US$205.42 million of junior mezzanine note trust deed due in September 2010. Mitra International Group aims to extend debt maturity, refinancing, and inviting new strategic investor or convert it into shares.

Disclosure: No position at the stock mentioned above.

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