Banks prepare to reject PTPN loan waiver, point to cash pile

Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports.