Indonesia’s Duniatex Mulls IPO for Debt Restructuring: Kontan

(Bloomberg) -- Co. is seeking ways to reduce its debt level by converting its liabilities into equity, among others, Kontan newspaper reports, citing Duniatex’s financial consultant.
* Duniatex may create a holding company of its six units that will hold an IPO, says Fransiscus Alip, director at AJCapital Advisory, as cited by the newspaper
* The IPO option is considered as Duniatex doesn’t have the ability to pay debts due until December
* Company has a total debt of $1.51b as of Aug., consisting of $948.3m to Indonesian creditors and the remainder to foreign creditors
* NOTE: Investors in Worst Asia Junk Bond Prep for Fight in US Court (1)