Indonesia's Financial Services Policy Committee said it has agreed to merge two units of the indebted Texmaco Group as part of an operational restructuring.

The two units - polyester maker PT Polysindo Eke Perkasa and textile concern PT Texmaco Jaya - recently agreed in principle with secured creditors to restructure around $1.3bn in debt.

In September, Texmaco agreed to repay an additional $2.7bn owed to the Indonesian Bank Restructuring Agency. This was based on a successful debt workout for the group's indebted units, including Polysindo and Texmaco Jaya.