PT Dirgantara targets private loans worth $100m to boost expansion
By Jon Grevatt
State enterprise PT Dirgantara Indonesia (PTDI) is set to secure more than USD100 million in a bridge loan from local banks to boost expansion and industrial efficiency.
The aerospace company has endured financial losses for more than a decade and said on 8 August that the IDR1 trillion (USD105 million) short-term loan deal agreed with a consortium of state-run banks was necessary because access to government funding was not yet available.
The bridge loan will be provided by Bank Mandiri, the Indonesian State Bank, the People's Bank of Indonesia and the Indonesia Eximbank. Funds will be made available to PTDI in the third quarter of 2012, but are scheduled to be paid off on receipt of government funding, said the company.
PTDI, based in Bandung in West Java, said in July that it expected to obtain IDR2.06 trillion in funding from the government, although it is not clear when the money will be available.
PTDI has said that both the bridge loan and the pending government funds will be used by the company to purchase modern manufacturing equipment in order to increase production capacity and complete on schedule a range of production orders.193 of 449 words
- Philippine air chief says Italy will provide attack helicopters
- Germany axes Euro Hawk
- The Ford-class aircraft carrier, the future US Navy: Enabling the distributed force
- USN's X-47B headed for first trap landing on board carrier at sea
- Rheinmetall debuts Oerlikon Revolver Gun Mk 2
- US Army trains with SpotterRF's man-portable radar
- Boeing poised to begin flight-testing Advanced Super Hornet features
- Northrop Grumman tests B-2 anti-jamming satcomms system without USAF's preferred radio
- India fails to make progress with AW101 inquiry
- Russia, US SSBN patrol figures revealed