Tuesday, July 21, 2009

Bankruptcy lawsuit against Davomas

Java Investment Advisory Group Incorporated and Precise Circle Limited had on July 14, 2009 filed bankruptcy lawsuit against cocoa processor PT Davomas Abadi Tbk.
Davomas told Capital Market Supervisory Agency (Bapepam) today that the company has received letter from Central Jakarta Commercial Court dated July 16, 2009 about the lawsuit. Davomas is asked to appear before judges on July 23, 2009.
Davomas defaulted interest payment for the 11% Guaranteed Senior Secured Notes due in 2011 issued by Davomas International Finance Company Pte Ltd on May 8, 2009. Davomas told Bapepam last month that it was in early discussions with a committee established by Notes holders for a possible restructuring of US$238 million 11% GSSN due 2011. 

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