Agreement Among Creditors and PT PPA
Regarding the Restructuring of PT PAL Indonesia
( PRESS RELEASE NO.PR-42/PPA/CS/0409 - 6 APRIL 2009 )
 
Today, Thursday 6 April 2009, at 12.30 located at the Ministry of State Own Enterprise, has been carried out the signing of the Agreement among Creditors and PT PPA regarding the restructuring framework of PT PAL Indonesia.
The Creditors are:
  1. PT Bank Negara Indonesia (Persero) (“BNI”)
  2. PT Bank Mandiri (Persero) (“Mandiri”)
  3. PT Bank Ekspor Indonesia (Persero) (“BEI”)

The content of the document is the agreement among the Creditors and PT PPA to facilitate the remaining cost of 18 units of ship building which were signed earlier with the Buyer.
The financing framework supported by PT PPA is the implementation of PPA’s duty to restructure/revitalize State Own Enterprise, as stated in Peraturan Pemerintah (Government Regulation) No. 61 year 2008. The implementation of the restructuring will be based on the instruction from the Minister of SOE after the approval of the Minister of Finance.
As the follow up of this agreement, each party will arrange a bilateral agreement with PT PAL.

PT PERUSAHAAN PENGELOLA ASET (PERSERO)

Renny O. Rorong
Corporate Secretary