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IPTN
technically bankrupt
Indonesia's state-owned aircraft manufacturer Industri Pesawat Terbang
Nusantara (IPTN) is on the verge of bankruptcy, said a company official
in Bandung, south of the capital Jakarta. Insufficient working capital
is the main threat to IPTN's existence.
"The problem besetting IPTN is not only the lack of adequate working
capital but also its heavy burden of debt," said the official. IPTN's
principal debts totalled $102.6m, ¥14m and Rp34.5bn. Its assets are
estimated at Rp3.8trn. Part of the debt was in the process of restructure
and IPTN hopes part of the debt can also be converted into shares.
IPTN was the brainchild of ex-president B J Habibie. IPTN has around 4,000
workers.