Indonesia's Lippo Karawaci gets needed consents to amend 8 7/8% notes

By Marisa Wong

Madison, Wis., Oct. 18 - PT Lippo Karawaci Tbk.'s subsidiary, Lippo Karawaci Finance BV, said that holders of $50,141,000 principal amount of 8 7/8% senior notes due 2011 delivered their consents to the waiver of certain terms and conditions of the notes and the applicable trust deed.

The amount of consents delivered represents 75.7% of holders voting in favor of the amendment.

As previously reported, the waiver would permit the company to pay up to $10 million in dividends to its shareholders.

Payment of an incentive fee to holders for consenting to the waiver was settled on Oct. 5.

The company is a Tangerang, Indonesia-based residential and commercial urban developer.

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