Shrimp producer Central Proteinaprima will be delisted from the Indonesia Stock Exchange if it fails to settle its USD 325 million debt restructure within six months, a director at the bourse said on Friday.
??The shrimp producer known as CP Prima sold USD 325 million in bonds through a subsidiary, Blue Ocean Resources, in 2007, due to mature on 28 June 2012. The company, which has been booking losses after its farms were devastated by a virus in 2009, has failed to pay the coupon for its bonds since that year. ??
“If they pass that deadline, then they will get the sanction of forced delisting. Their shares have been suspended since June 29, 2010,” said Hoesen, a director at the exchange known as the IDX. ??
A lawyer representing the CP Prima said the company would be able to restructure its debts by May 2013. He added that the company has proposed a debt restructuring scheme to creditors that will extend the tenor to 2020.
