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Credit Assets and Shares Sale of Texmaco Group
August 13th 2010
380. IBRA set out to restructure the debts of Texmaco Group.280.247.642 38.634 1.642 38.068. which consists of receivables to PT Bina Prima Perdana.472. product of the exercise of IBRA’s guaranteed upon Letter of Credit (L/C) of PT Bank Negara Indonesia (Persero) Tbk.012.06/2009 concerning the Management of Asset derived from IBRA by the State – owned Asset Management Company (known as “PPA”) as amended by Decree of the Minister of Finance No.691.348.072 80. PT Texmaco Jaya Tbk.’s (BNI) to PT Texmaco Jaya Tbk. 10 Year 2004. PT Wastra Indah and PT Polysindo Eka Perkasa Tbk.051 5.355 1. Texmaco Group’s debts.458 16..468.583.01/2009. Total Instrument Exchangeable Bonds Exchangeable Bonds Receivables Receivables Receivables Currency IDR USD IDR USD IDR USD IDR IDR USD IDR USD Principal 5.717.458 11.417.468.578 1.599.).995 30. which were in the form of equity participation and receivables to operating companies under Texmaco Group. Each of the 2 business groups is under the management of new companies (NewCo) established by IBRA and Texmaco Croup.366.829.072 80.179.469.250.251 Total 9.652 2 .046 30.777 203.111.048. as well as 70% of BPP’s shares.601. The restructuring scheme is as follow: (i) Exchangeable Bond issued by BPP and JPE were exchangeable to and secured by the entire asset of BPP and JPE.088.391.279 289. 178/PMK. In addition. there were still direct loans.601.401 Interest/Coupon 3.200 1. wherein the companies under Texmaco Group were grouped in 2 (two) business groups: Texmaco Textile Group (TTG) and Texmaco Engineering Group (TEG). which were considered non – performing loans.183.440 2. In accordance with government policy at the time of the economic and monetary crisis.472.217.780. Thereafter.92/PMK. The following are the offered Credit Asset and Shares of Texmaco Group: 1. PT Wastra Indah and PT Polysindo Eka Perkasa Tbk.583 89.012. which acts for and on behalf of the Finance Minister of the Republic of Indonesia. engineering and others such as construction.065. as amended in Government Regulation No 61.334 7. intend to conduct the sale of Texmaco Group’s credit assets.117. PT Jaya Perkasa Engineering.366.315 374. (now known as PT Asia Pacific Fibers Tbk.274.831.791. Year 2004 concerning the Establishment of Limited Company in Asset Management Field in conjunction with the Decree of the Minister of Finance No. Important Information Regarding Texmaco Group’s Credit Assets and Shares Texmaco Group is a corporate holding group which operates in industries namely textile.048.862 379.358. The Receivables are as follow: Debtor PT Bina Prima Perdana PT Jaya Perkasa Engineering PT Texmaco Jaya Tbk..948.368.777 203. and (ii) 70% of IBRA’s equity participation in BPP. in which PT Bina Prima Perdana (“BPP”) manages the Texmaco Textile Group and PT Jaya Perkasa Engineering (“JPE”) manages the Texmaco Engineering Group. PT Wastra Indah PT Polysindo Eka Perkasa Tbk.814 878.732 284.757.934.891.941.417.762. were handed over to IBRA. trading and finance.134 5.587.669.830.300. Year 2008 concerning changes in Government Regulation No 10.814 878.837.292.Assets Sale of Texmaco Group Background Pursuant to Government Regulation No.
Subsidiary companies of PEP also publicly listed were PT Texmaco Jaya (TJ) and PT Supermitory Utama (Sumita) which was no longer listed on the Indonesia Stock Exchange. polyester chips and yarn. Midstream which consist of mainly manufacturing grey fabric. 2009 is derived from the value of the Aggregate Outstanding Balance (AOB) of the Credit Asset offered. which form the basis of the Bid Price. Downstream sector comprising of the manufacturing of finished fabric. Texmaco Textile Group Activities of Texmaco Textile Group consist of: Upstream sector. MKI has provided all of its investments within the subsidiary companies to BPP. Chips. which is a New Company (“NewCo”) with 70% shares owned by PPA. The main company of TTG is PT Asia Pacific Fibres Tbk (APF). which produces Purified Terephthalic Acid (PTA).The total amount of credit assets of the Debtor’s obligations as of December 7th. The other subsidiary company is PT Multi Karsa Investama (“MKI”) which was the main company of Texmaco Group (“The Group”). Filament Yarn. This AOB takes into account the accrued interest of the Exchangeable Bond per November 10th 2010. Fabric. Based on the restructuring process by PPA. Stable Fiber.000 Percentage 70% Texmaco Group in Brief A. Spurn Yarn 3 . Shares are as follow: Company Name PT Bina Prima Perdana Instrument “A” Series Share Currency IDR Number of Shares 140 Nominal Value 14.000. Business components of companies under Textile Group are: PTA. the sum of which will be announced by PPA before the Bidding Date. which was known as PT Polysindo Eka Perkasa (PEP) in Jakarta Stock Exchange. 2. used as the basic component to manufacture polyester fibres.
Batang 7 8 9 10 11 PT Sumatex Subur PT Wastra Indah PT Kreasi Indah Perdana Textile PT Citra Indah Textile PT Super Mitory Utama Klangan. and are owned by foreign creditors. Karawang PT Texmaco Taman Synthetic Kaliwungu. labour tried to take away machinery but had failed 1 (sekarang bernama PT Asia Pacific Fibers Tbk) 2 3 PT Texmaco Jaya Klari. Pemalang Product Yarn PTA Polymer Finished Fabric Yarn Yarn Fabric Spun Yarn Fabric Utilisation 30% 80% 50% 0% 30-40% 0% 0% 0% 50-60% 0% Details Job Order Controlled by foreign creditors Controlled by foreign creditors No longer in operaration since 2004 Job order No longer in operation since 2004 No longer in operation since 2004 No longer in operation Job order No longer in operation since 2004. Padang Batu. Purwakarta Bandung Sidoarjo Spun Yarn Yarn Fabric Spinning Fabric Shoes. Karawang Kaliwungu. Karawang Taman.Texmaco Textile Group Corporate Structure The majority of companies under Textile Group are no longer in operation. Kendal Tulis. Karawang Klaru. Malang Bangunsari. Karawang 4 5 6 PT Bima Peranan Busana PT Multi Karsa Investama PT Saritex Jaya Swasti Klari. Kendal Klari. Number Company PT Polysindo Eka Perkasa Tbk Location Kaliwungu. Fabric 0% 0% 0% 0% 0% Not in operation since 2003 Not in operation since 2004 Not in operation since 2003 Not in operation since 2003 Guaranteed by BRI 4 . Kendal Klari. have low level of utilisation.
MKI’s ownerships in Engineering was transferred to the new Holding Group of JPE. MKI also acts as treasury group and a project development group. trucks. Foundry. and the fund produced via tender wasused to pay for labour’s wage. which controls Textile and Engineering companies. axle. Engine. transmission. hard rollmill. Karawang 2 PT Perkasa Heavyndo Engineering Kaliwungu. PT Multikarsa Investama (“MKI”) is the Holding Company of Texmaco Group. seamless tube. Number 1 Company PT Texmaco Perkasa Engineering Tbk Location Kaliwungu. Kendal Klari. Forging. Texmaco Engineering Group Prior to Undertaking Restructuring Agreement between BPPN and Texmaco Group dated May 23rd.B. Texmaco Engineering Group Corporate Structure The majority of formed companies under Engineering Group are currently not in operation. Business components of formed-companies under Textile Group are: Steel. 2001. machine tools. textile machinery. Kendal Product Engineering Engineering Automotive Utilisation 0% 0% 0% Details No longer in operation since 2004 No longer in operation since 2004 Machinery were auctioned in 5 . After executing Restructuring Agreement. heavyndo fabrication.
Subang Sukabumi Pabuaran. its employee. Floor 10 Jalan Jenderal Sudirman No. 021-5798 2555. 45-46 Jakarta 12930. is neither a recommendation from PPA. in the form of receivables (credit assets. Subang Klari. PPA. Karawang Klari. as to the accuracy or completeness of the information contained in this Announcement and/or any other information. In the program. documents or materials contained in any documents produced and supplied by PPA.email@example.com) Rita Lusiana (rita. and neither PPA. 021-5798 2557 Fax. nor Marsinih Martoatmodjo Iskandar Kusdihardjo Law Office (“MMIK”) as the Legal Counsel nor RSM AAJ Associates (“AAJ”) as the Selling Agent. PPA can at times and without prior notice change the procedure of the sale.aajassociates. nor of the subsidiaries or agents of the said above.aajassociates.avilla@rsm. Tower A Floor 9 Jalan Jenderal Sudirman Kav. PPA will be assisted by: MMIK as its Legal Counsel and RSM AAJ Associates as its Selling Agent.Number 3 4 5 6 7 8 9 10 11 Company PT Perkasa Indobaja PT Perkasa Indosteel PT Wahana Perkasa Auto Jaya PT Wisma Karya Prasetya PT Texmaco Mivro Indo Utama PT Wahana Jaya Perkasa PT Sarana Daycrown Industry PT Bridgeport Perkasa Machine Tools PT Devindro Widya Location Pabuaran. 021-5140 1350 Attn. Indonesia Tel. Karawang Tangerang Tangerang Klari.com) This announcement is of a limited announcement and does not constitute as a public offer or an invitation to the sale or purchase of securities. advisors or MMIK and AAJ as the Legal Counsel and Selling Agent to the Perspective Buyer(s) in relation to the assumption contained herein or therein and any liability therefore (including in respect of direct. Parties who are still managed by PPA. Karawang Klari. MMIK and AAJ will not issue statements or guarantees in any form as part of the change of procedure or information be it written or oral to Perspective Buyer(s). and not in a form of public offering. MMIK nor AAJ or their employees and agents make any representation or warranty. Karawang Product Automotive Forging Steel Automotive Powerplant Electronic Moulding N/A Engineering N/A Utilisation 0% 0% 0% 0% 30% NA 0% 0% 0% 0% Details conjunction with court decision in an effort to pay labour wage Energy Source PEP Job Order Not in operation since 2004 N/A No longer in operation. Subang Pabuaran.com) Budi Harto (budi@ptppa. PPA appointed Government Representative in BPP and/or JPE. expressed or implied. indirect or consequential loss or damage) is expressly disclaimed. promissory notes and any other debt instruments) as well as shares (with ownership of 20% or more and/or shares which were converted from corporate debts as part of corporate restructuring).com) Melissa Hermawan (melissa. Hadi Avilla Tamzil (hadi.lusiana@rsm. 59 Jakarta 12190. loan assets and / or stocks managed by PT Perusahaan Pengelola Aset (Persero) (“PPA”).com Basya G Himawan (basya@ptppa. 6 . Further information can be obtained from: PT PERUSAHAAN PENGELOLA ASET (PERSERO) Sampoerna Strategic Square. Indonesia Call Center PPAHTS Texmaco: Tel. obligations.com) RSM AAJ Associates Plaza ABDA. for and on behalf of the Finance Minister of the Republic of Indonesia.aajassociates. 021-5140 1340 Fax. 021-5798 2556. Machinery were taken away by the labour N/A Parties who are not permitted to participate in the Sale Programme are: Affiliated parties of Texmaco Group. 021-5798 2558 Email : ppahts. Parties with conflicted interests as referred to under the Terms of Reference (TOR) Sale Program The sale program will be conducted through an open bid.hermawan@rsm.
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