Gajah Tunggal Faces Challenging Refinancing Environment: Lucror 

(Bloomberg) -- Indonesia tiremaker Gajah Tunggal’s ability to refinance its USD bonds due Aug. 2022 “remains challenged” by weakened operating environment and volatile credit market conditions, according to Lucror Analytics’ credit analyst Leonard Law in a note.

* Gajah Tunggal’s liquidity profile remains inadequate, owing to its large short-term loans and low cash balance: Law

* Law says company has a history of debt restructuring, having carried out a distressed exchange for its bonds in 2009

By Denise Wee