ARMS launches reshuffle at Berau, extends early bird scheme

By Ruli Setiawan

LSE-listed Asia Resource Minerals (ARMS) announced Thursday that a shareholders meeting on April 30 of IDX-listed coal mining firm PT Berau Coal Energy Tbk appointed Mangantar Marpaung as President Commissioner and Iskak Indra Wahyudi as President Director.

Melli Darsa was also appointed to the Board of Commissioners, said ARMS, which holds more than 80 percent of Berau.

Elsewhere, ARMS said in a statement that it has decided to extend for a third time the date of an ?early bird? scheme offered to noteholders to May 29, 2015.

As has been previously reported, ARMS proposed a restructuring support agreement, as part of an overall recapitalization of the company and its subsidiaries including PT Berau Coal Energy Tbk, to exchange notes maturing in 2015 and 2017. Under the proposal, each noteholder that executes or accedes to the restructuring support agreement will be paid a consent fee equal to 0.2 percent of the principal amount of notes held by such noteholder at the record date. An additional "early bird" fee of 0.2 percent of such principal amount will be paid to any noteholder that takes such action on or before April 15, 2015.

Editing by Reiner Simanjuntak