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Nirwana Resort Tries Rescheduling

Resort Owners Ask for More Lenience From Lenders

(6/28/2002) P T Bakrie Nirwana Resort the owners of the Le Meridien Nirwana Resort have formally requested the Indonesian Bank Restructuring Agency (BPPN) to reschedule their restructured outstanding debt.

Although the resorts loans totaling US$ 172 million were already restructured by BPPN earlier this year, the owners of the Resort failed to make a US$ 680,000 loan repayment which fell due last March. In their defense, the owners point to the unexpected effects of the worldwide downturn in travel in the wake of the September 11th tragedy.

The Resorts’ request for a rescheduling of payments on their restructured loan is still awaiting BPPN's approval.

Because the owners of the resort have managed to successfully restructure their borrowings, the Resorts is not on the current BPPN list of bad debitors scheduled to have their debt sold soon at public auction. (Bisnis Indonesia)