Bank Lippo settles debt

JAKARTA (JP): Publicly listed Lippo Bank said on Wednesday it had repaid US$70 million of interbank debts as part of its debt restructuring program.

The bank said that the loan was restructured under the four- year "exchange offer" debt program under Bank Indonesia's debt restructuring scheme, signed in 1998.

"Lippo Bank's payment was made on the first anniversary of the rescheduling of the program, and was three years earlier than the final maturity date.

The bank said it had no other U.S. dollar debt obligations under the exchange offer program.

Lippo Bank, one of several major private banks nationalized by the government, said that it started to generate a monthly profit share August last year, and a return to profitability. (hen)