PSN restructures debts

JAKARTA (JP): Satellite communications provider PT Pasifik Satelit Nusantara (PSN) has won approval from its creditors to restructure its US$213 million debts.

The company said on Thursday that its creditors including the Indonesian Bank Restructuring Agency (IBRA), Bank Mandiri, Danareksa, BRI Finance and PT Bank Merincorp had agreed to convert its debts into bonds maturing from 2002 to 2005.

Under the debt restructuring, which became effective on April 27, PSN has the option to extend the 2005 maturities until 2006 and 2007.

"This announcement ... demonstrates that responsible debtors and lenders can accommodate their differing interests even in times of continued financial stress," PSN's president and CEO Adi Adiwoso said in a statement.

Among other things, the company operates Byru, a GSM satellite service based on Asia Cellular Satellite (ACeS) for satellite- based mobile phones. (tnt)