PSN restructures debts

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)