Indon Tirtamas group to regain control of aromatics unit?

17-Jan-06
Indonesia's Tirtamas Group is looking for loans to repay its debt of Rp3.2 trillion (US$340 million) to the government to regain control of its aromatics unit PT Tuban Petrochemical Industries (Tuban Petro). Tuban Petro was taken over by the Indonesian Bank Rescue Agency (IBRA) now replaced by PT Perusahaan Pengelola Aset (PT PPA) in compensation for the group's debt to the government. Tuban Petro has a 59.5% stake in PT Trans Pacific Petrochemical Indotama (TPPI) and 80% in PT Polytama Propindo If the Tirtamas Group regains control of the Tuban project, it will be responsible for the repayment of debts to other financiers including US$400 million to a Japanese consortium, US$105 million to Singapore's Vitrol and US$75 million to state-owned Bank Mandiri.
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