Davomas International misses interest payment, eyes restructuring

By Caroline Salls

Pittsburgh, May 22 - P.T. Davomas Abadi Tbk said its wholly owned subsidiary, Davomas International Finance Co. Pte Ltd., did not make the interest payment due May 8 on its $238 million 11% guaranteed senior secured notes due 2011, according to a company news release.

According to the release, Davomas International has appointed ING Bank NV as its financial adviser in order to explore debt restructuring alternatives and implement a restructuring plan in connection with the notes.

Davomas International is a Singapore-based special purpose vehicle of Indonesian cocoa producer P.T. Davomas Abadi Tbk.

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