Surya Kertas secured creditors approval

Paper manufacturer PT Surabaya Agung Industri Pulp & Kertas (SAIP) Tbk has received approvals from several creditors for the rescheduling of interest and principal loan payments. 

Two of the creditors, ZT Holding Pte Ltd and Orientalsky Corporation Pte Ltd, approved the payment of interest due Dec 29th, 2009 to be rescheduled to June 30th, 2010, while the first tranche A principal installment (US$2 million) due Dec 28th, 2009 to be rescheduled to Dec 28th, 2010. 

Meanwhile, interest for the period of Sept-Dec 2009 to be rescheduled to Dec 28th, 2010 and the second tranche A principal installment (US$2 million) due on Dec 28th, 2009 to be rescheduled to Dec 28th, 2010.

SAIP stock is rarely traded with average volume of 392,857 units in the last three months. 

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