Bumi Resources’s creditors approved the debt settlement

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Source: Bumi Resources

JAKARTA (TheInsiderStories) – Bakrie Group is possible to loss its valuable assets to settle down its unit debts. After suffered for years, its unit coal miner PT BumiResources Tbk (IDX: BUMI) has settle down its debt amounting Rp 135.78 trillion (US$10.13 billion) from 270 creditors after Singapore and Central Jakarta Commercial Court endorsed the suspension debt of obligation with its creditors.

Chairman of the judges Tafsir Sembiring, said that based on the report of the supervisory judge 99.84 percent unsecured creditors and creditors agree separatist peace proposal.

“Under the provisions of the Bankruptcy Law and PKPU, the panel stated, legitimate and legally binding peace proposal with its creditors and the debtor declared PKPU Bumi Resources officially ended,” He said in the verdict was read on Monday (28/11).



One of the administrators PKPU William E. Daniel added, BUMI’s debt will be converted into new shares and debt securities. Related to issuance of new shares, He said, is scheduled before June 30, 2017.

Based on the agreement, the price of the stock as a debt to equity convertion it was agreed at Rp926.16 per share, down from its initial offering of Rp 1,149.

 

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Source: The Insiderstories
Bumi Resources’s creditors approved the debt settlement



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