Argo Pantes still in red
Integrated textile producer PT Argo Pantes Tbk reported net loss of Rp214.14 billion in 2005 to make its accumulated loss of Rp1.45 trillion as of Dec 2005 on poor margin.
According to its audited financial report published today, Argo Pantes booked lower sales at Rp932.53 billion in 2005 against Rp982.37 billion in 2004. The company managed to reduce gross and operating loss to Rp87.24 billion.
In February 2006, Indo Pus BV, a Netherland-based company, and Deutshce Bank filed a bankruptcy suit on Argo Pantes for its default payment of US$12 million. Argo has outstanding debt of US$198.68 million to 18 creditors of which Bank Mandiri is the largest with US$92 million.
Argo have proposed the settlement through debt to equity conversion of which creditors would control 21% shares. But no agreement yet on the proposal submitted two weeks ago.
READ MORE!!!
According to its audited financial report published today, Argo Pantes booked lower sales at Rp932.53 billion in 2005 against Rp982.37 billion in 2004. The company managed to reduce gross and operating loss to Rp87.24 billion.
In February 2006, Indo Pus BV, a Netherland-based company, and Deutshce Bank filed a bankruptcy suit on Argo Pantes for its default payment of US$12 million. Argo has outstanding debt of US$198.68 million to 18 creditors of which Bank Mandiri is the largest with US$92 million.
Argo have proposed the settlement through debt to equity conversion of which creditors would control 21% shares. But no agreement yet on the proposal submitted two weeks ago.
Labels: Bank Mandiri
READ MORE!!!
posted by yosef at 12:13 PM
0 Comments:
Post a Comment
<< Home