Indonesia’s DMDT woes spill over to bonds

falling money
By Addison Gong
16 Sep 2019

Defaults have ripped through Delta Merlin Dunia Textile (DMDT), another subsidiary of Indonesian textile company Duniatex, which missed its first dollar bond coupon last week and recently delayed payments on a loan.

Both S&P and Fitch slashed DMDT’s rating at the end of last week, to D and C, respectively, from CC. The actions followed the announcement from the textile manufacturer that it would be unable to make its first interest payment on a $300m 8.625% 2024 bond that ...

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