Indo’s Tiphone to restructure debt after loan default

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By Pan Yue
04 Jun 2020

Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.

The company defaulted on a $182m-equivalent dual-tranche revolving credit facility signed on in March. The loan, which was signed in December 2017, was split between a Rph1.25tr ($89.5m) tranche and a $93m portion, both with tenors of three years.

Tiphone has hired a financial adviser to come up ...

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