Bondholders protest Trikomsel's move to recognise claim

Singapore

TRIKOMSEL administrators' low-profile move to recognise an intercompany claim has sparked protests from the financially troubled company's bond investors.

The administrators have recognised Trisatindo's secured intercompany claim but have also rejected the claims of trustees representing bondholders on Trikomsel's direct guarantees on two outstanding Singapore dollar notes.

"By recognising this intercompany claim and not Trikomsel's direct guarantee obligation in favour of noteholders, Trikomsel itself now is allowed to direct the voting of an approximately S$222 million claim, effectively disenfranchising the note trustees a…