Distressed Indonesian Builder Says It Can’t Pay Bonds Due Aug. 6
- Waskita can’t pay interest, 135.5 billion rupiah principal
- Heavily indebted builder had sought deferments from investors
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Distressed state construction company PT Waskita Karya of Indonesia said it won’t be able to deposit funds for the payment of interest and the repayment of principal for its rupiah bonds due Aug. 6, according to a filing late Friday.
The rupiah-denominated notes of the heavily indebted builder has total outstanding of 135.5 billion rupiah ($8.9 million), according to data compiled by Bloomberg. The failure to make payments came after the company also missed a coupon payment due May 30, Waskita said in a statement.