Deutsche Bank to loan TPPI US$ 1 billion

PT Trans Pacific Petrochemical Indotama (TPPI) finally signed a debt restructuring agreement with its creditors which allows the Indonesian company to service its debt with a loan from Deutsche Bank. Deutsche Bank has pledged a US$1 billion loan for TPPI which will use the money to repay US$300 million of its US$589 million debt to PT Pertamina, the oil and gas company owned by the Indonesian government. The remaining amount will be paid over 10 years, in the form of gasoline produced by TPPI. (December 27, 2011)