JAKARTA, INDONESIA, November 11, 1999
- In its ongoing efforts to help Asian companies to rebuild in the wake of the financial and economic crisis in Asia, the International Finance Corporation has worked with P.T. Rimba Partikel Indonesia (RPI), a leading particle board manufacturer, to conclude a financial restructuring of the company.
The restructuring is designed to give RPI a secure future, and it will also provide a model for similar companies to follow in order to further increase their international competitiveness.
RPI's creditors include The Bank of Tokyo-Mitsubishi, Ltd. through its Jakarta Branch and its Tokyo main office; P.T. Bank Sanwa Indonesia; UBS AG; and IFC.
Mr. Eric Cruikshank, IFC Portfolio Manager for South and Southeast Asia, said that the financial restructuring will help RPI recover from difficulties related to the regional economic crisis, and he noted that restructured export-oriented companies such as RPI will be key contributors to the recovery of the Indonesian economy. Mr. Cruikshank added that, despite a continuing difficult business environment in Indonesia, this is IFC's third restructuring there. IFC also assisted P.T. Hotel Santika Nusajaya and P.T. Semen Andalas to undertake financial restructurings.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
