Trikomsel Says Indonesian Court to Review Debt Workout Plan

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 today, Bloomberg News reported. 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 that 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. Read more.