October 5, 2016 / 6:36 AM / 10 months ago

BRIEF-Trikomsel issues statement from Trikomsel Noteholder Steering Committee

2 Min Read

Oct 5 (Reuters) - Trikomsel:

* Issues statement from Trikomsel Noteholder Steering Committee

* Trikomsel Noteholder Steering Committee - Unsecured and secured creditors have agreed to convert a significant amount of existing debt into equity of co

* Trikomsel Noteholder Steering Committee - Under composition plan ratified by court, all SGD notes will be exchanged for 25% of restructured co's fully diluted equity

* Trikomsel Noteholder Steering Committee - Proposed that 25% equity stake allocated to noteholders be held in a Singapore law governed trust arrangement

* Trikomsel Noteholder Steering Committee - Understands that co continues to be a going concern

* Trikomsel Noteholder Steering Committee - Also notes significant dilution of original shareholders under plan, including stakes previously held by Polaris Ltd and Softbank

* Trikomsel Noteholder Steering Committee - Understands that co currently unable to make payment on its secured and unsecured liabilities, including SGD notes Source text for Eikon: Further company coverage:

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