Trikomsel Says Indonesian Court to Review Debt Workout Planby
Company defaulted on Singapore dollar bonds last year
Signs of strain in the Singapore bond market are spreading
PT Trikomsel Oke, an Indonesian mobile-phone retailer that defaulted on bonds last year, said that a court hearing on the company’s debt workout plan will be held on Wednesday.
A Jakarta commercial court had decided on Sept. 26 to postpone a deliberation meeting, the firm said in a filing to the Singapore stock exchange. The company said it obtained approval from creditors based on the majority of votes cast at a meeting held on Sept. 22. Applications by trustees for note holders to vote in the meeting were rejected because there was no documentation, agreement or authority, Trikomsel said in a separate statement to the Jakarta stock exchange on Tuesday.
Trikomsel defaulted on S$215 million ($158 million) of notes from November last year as consumer demand for mobile-phone accessories waned amid an economic slowdown. Stress in the Singapore dollar bond market has since widened after Swiber Holdings Ltd. defaulted and shipping companies including Rickmers Maritime, AusGroup Ltd. and Marco Polo Marine Ltd. asked for more time to repay creditors.