SINGAPORE, Nov 26 (Reuters) - A meeting of the creditors of Indonesian auto giant PT Astra International broke up due to the lack of a quorum, a company official said on Tuesday.
Astra had sought the meeting to try to get two-thirds of its creditors to approve a plan to restructure $820 million of its debt.
"We did not get sufficient lenders to achieve a quorum for the meeting today. We are very optimistic that we will be able to call another meeting in December and achieve the quorum and a positive vote at that meeting," John Slack, a director at Astra, told reporters after the meeting was adjourned.
It is the second time in three years that Astra has sought to restructure its debt due to a lack of cash to meet maturing loans.
Astra shares have risen strongly on the Jakarta stock market in recent trading sessions after the company said it planned to raise up to 1.5 trillion rupiah ($166.3 million) through a rights issue to help repay its debt.
Early this month, Astra said it has reached agreement with six major creditors on the restructuring plan.
The six creditors, who together hold 30 percent of Astra's outstanding debt, needed the support of other lenders to reach a two-thirds majority before the plan can become effective.
The proposed debt workout extends the repayment period to 2009 from 2006, and halves the amount the company will repay in principal over the next three years.
It also calls for the refinancing of the outstanding debt in 2006. If this fails, Astra would pay lenders a higher interest margin over the Singapore interbank offered rate and a renegotiation fee.
Astra is 32 percent owned by Cycle & Carriage Ltd , which in turn is part of Jardine Strategic .
($1=9022 Rupiah)