Humpuss seeks to change debt payment plans

Beleaguered Indonesian shipping line PT Humpuss Intermoda Transportasi is mulling different ways to pay back its debts. Having avoided bankruptcy last year by coming up with a creditor-approved debt settlement proposal Humpuss is now trying to wriggle out of its original debt payment stipulations. The plan originally called for Rp1.4trn of Humpuss’s Rp2.5trn debt to be paid back through a debt-to-equity swap.
“Humpuss president director Theo Lekatompessy said the company had proposed a different payment method because a debt-to-equity swap would unlikely meet all creditors’ expectations over the value of debts to be exchanged for equity,” the Jakarta Post reported.
“The options [for other payment methods] can be installments, bridging debts and receivables, or payment by assets,” Theo said after the company’s shareholders extraordinary meeting on Thursday.
Showing significant signs of improvement Humpuss managed a net profit Rp9bn in the first seven months of 2013, a dramatic turnaround from the Rp41bn loss in the same period last year.  
Source: Sea Ship News