Indonesia's Sinar Mas Group will restructure $950 million worth of debt owned by PT Berau Coal Energy Tbk, a coal miner it is in the process of acquiring, the Investor Daily reported, citing Sinar Mas managing director Gandi Sulistiyanto.

Sinar Mas will restructure the debt after it "finishes the administrative and legal issues," the newspaper cited Sulistiyanto as saying.

Sulistiyanto did not immediately respond to a request for comment.

The offer made by a vehicle of Sinar Mas and its partner hedge fund Argyle Street Management for Berau Coal, the Indonesian unit of London-listed Asia Resource Minerals PLC , had turned unconditional on July 1.

Standard & Poor's downgraded its corporate credit rating on Berau to 'selective default' from 'CCC-' after the company defaulted on its $450 million bonds due July 8.

A Singapore court had imposed a moratorium on the bonds issued by Berau's unit, Berau Capital Resources, giving it until Jan. 4 to negotiate with bondholders.