PSP debt restructuring okayed

PSP debt restructuring okayed

JAKARTA (AFX-ASIA): The Rp 4.3 trillion (about US$430 million) debt restructuring of PT Putra Surya Perkasa will go ahead despite protests from the Indonesian Bank Restructuring Agency (IBRA), presiding chief judge Putu Supabmi said.

She said IBRA protested to the court that it did not sign the debt restructuring agreement resulting from a vote of creditors earlier this month.

Supabmi said the debt restructuring of the company was agreed by creditors to be done in various ways, including the repayment of a portion of its debts, the takeover of the group's land in South Jakarta and its Wisma Bank Dharmala building, the issue of convertible bonds, and a debt-to-equity swap.