PLN retains UBS Singapore's service
Saturday, January 19 2002 - 01:50 AM WIB
State-run electricity company PT PLN announced on Friday that it has decided to retain the services of UBS AG Singapore to facilitate the purchase of part of the outstanding senior secured debt of Dayabumi Salak Pratama Ltd (DSPL).
The debt consists of both loans and bonds, PLN said in a statement, but it did not specify the amount.
DSPL, a subsidiary of American energy firm Unocal Corp., operates a 165-Megawatt (MW) geothermal power plant on Mount Salak, West Java.
PLN purchases DSPL's debt through a portion of the claimed but unpaid invoices over power supplies from the latter to the PLN.(*)