JAKARTA -- Indonesian media and property conglomerate MNC Investama, which is developing luxury resorts with the Trump Organization, has won Singapore court approval for its notes-to-shares conversion plan as part of a $231 million debt restructuring.
MNC Investama is an investment holding company controlled by Indonesian tycoon Hary Tanoesoedibjo. It said in a news release on Monday the arrangement will lower its stand-alone debt by 65% to a maximum of $81 million. The company's stock rose 11% to 59 rupiah per share on Monday.
