Humpuss clears debts, readies for expansion

Jakarta: PT Humpuss Intermoda Transportasi (HITS) has won shareholder approval for a new debt settlement with a creditor, Athens Investment Fund (AIF), paving the way to restart expansion plans.
HITS, a subsidiary of Humpuss Group, will repay its $141m debt to AIF through debt-for-asset and debt-for-equity swaps.
Some 95% of the debt would be paid with assets belonging to its subsidiary, Singapore-based Humpuss Sea Transport (HST), while the remaining 5% would be paid with HITS shares.
HITS has laid out plans to order 19 ships next year, predominantly tankers.  [20/12/13]

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