x
CORPORATION

Tiga Pilar Hit by New Crisis

Following the rice case involving its subsidiary, Tiga pilar may not be able to settle its conventional bond and Sukuk Ijarah debt worth Rp 900 billion.

Beras IBU

Police put police line in the rice storage owned by PT Indo Beras Unggul in Bekasi, West Java. | ANTARA FOTO/Risky Andrianto

PT Tiga Pilar Sejahtera Food Tbk’s (AISA) financial woes have deepened following the rice crisis that hit its subsidiary. Following the collapse of its main business line, Tiga Pilar may not be able to settle its conventional bond and Sukuk Ijarah (Islamic bond) debt worth Rp 900 billion, which is due on 5 April.

On 6 February, Pemeringkat Efek Indonesia (Pefindo) downgraded the rating of Tiga Pilar’s conventional bond and Sukuk Ijarah I issued in 2013 and its credit to idCCC from idBB+. This is just one level above the fail-to-pay level or default (D) of the company's debt.

Want to read the full article?

Subscribe

Log In

Or
Forgot Password
Do not have an account yet Sign Up

Enter your e-mail address and we will send a link to reset your password

Back to Login
Do not have an account yet Sign Up
Close