Because of Virus, Central protein Failure to Pay Bond
Credit and Loan March 2nd, 2010
The company PT Central shrimp protein Prima Tbk (CPRO) failed to pay interest on bonds subsidiary, Blue Ocean Resources Pte Ltd, for 17.9 million U.S. dollars.
The Company stated that the reason for failure to pay financial performance and decrease in shrimp ponds have a virus, so CPRO Company Secretary Albert Sebastian in disclosure of information, Monday.
Decreased performance and a virus that attacks the mine was owned by Blue Ocean shrimp are expected, so the company had done, including cleaning, sanitation pond cultivation and water treatment facilities.
Blue Ocean has preached the global bond issue worth 325 million U.S. dollars on June 28, 2007.
These bonds will mature next June 28, 2012 and determined rates 11 percent per year, while the interest coupon payment every year on June 28 and December 28.
The Company failed to pay interest on the bonds for the date December 28, 2009 for 17.9 million U.S. dollars so the rating agency Fitch downgraded the bond rating from CC to C
Fitch’s rating also concerned about the inability of the company to pay interest on bonds.
