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Defaulting clothing maker Pan Brothers circulates restructuring plan BNN Bloomberg
(Bloomberg) — Top Indonesian clothing maker PT Pan Brothers is circulating a restructuring plan to its creditors for the first time since it missed debt payments earlier this year, according to a person close to the company. case.
Pan Brothers and its restructuring adviser presented their debt restructuring plan to bank lenders this week and will present the proposal to bondholders next week, said the person, who spoke on condition of anonymity because the discussions were private. It plans to reduce its debt load from about $325 million to $140 million, a level it considers sustainable based on a 15-year financial projection, the source added.
The company plans to convert its outstanding dollar notes and half of its bilateral loans into mandatory convertible bonds, which will bear no interest and convert into shares after 10 years. The holders will control 51% of the textile manufacturer's shares after the conversion, the source added.
Pan Brothers, once Indonesia's second-largest publicly traded clothing maker, has been hit by the pandemic as exports have declined. It defaulted on some loans in 2021 and received approval to restructure its debt later in the year. But the industry has struggled with the post-pandemic recovery, and the company has yet to make interest payments this year. Its main rival, PT Sri Rejeki Isman, also fell into trouble again just two years after reaching a restructuring deal with its creditors and was declared bankrupt this week.
The proposed plan this time differs from Pan Brothers' last restructuring, where it primarily targeted maturity extensions. Changes, such as reductions in debt levels, suggest weakened confidence in the company's ability to fully repay its creditors.
A representative for the company did not respond to calls, emails and messages from Bloomberg News seeking comment.
For the company's $123 million in syndicated loans, it is proposing to extend them for at least 15 years with just 1 percent interest for the first five to six years. It also calls for grace periods or a minimum principal repayment amount during this period so that the business can use its operating cash flow as working capital.
The plan is subject to change after the company's negotiations with creditors. As part of its court-supervised debt restructuring proceedings, Pan Brothers' final debt proposal will have to be presented to the court and approved by a majority of verified creditors collectively representing two-thirds of its total liabilities.
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