May 23, 2011

Medco urges MIRA to pay debt

Oil and gas company that is controlled by Panigoro family, PT Medco Energi Internasional Tbk (MEDC) keeps urging PT Mitra Resources Internasional Tbk (MIRA) to pay US$68.17 million. 
Medco Corporate Secretary Cisca W. Alimin, as quoted by Kontan daily today, said Mitra Resources has owed US$68.17 million as part of an acquisition of drilling company PT Apexindo Pratama Duta by Mitra Resources.
Based on the agreement, Mitra Resources was obliged to pay the debt in September 2009. However, the company is unable to pay the debt.

Disclosure: No position at the stock mentioned above.

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