Bakrie Group agrees to repay $437m of debt
Tuesday, October 2 2012 - 01:55 AM WIB
PT Bakrie & Brothers, the investment arm of Bakrie Group, and affiliate Long Haul Holdings have agreed with creditors a plan to repay US$437 million of debt arranged by Credit Suisse, Reuters reported.
The company did not say how it would repay the debt, which uses the Bakrie Group's 23.8 percent stake in London-listed coal miner Bumi Plc as collateral.
The Bakrie Group has in the past sought new loans to refinance debt, with family banker Credit Suisse having been a lifeline for a group that defaulted on foreign debts during the 1997-98 Asian financial crisis.
In June, the Bakrie Group asked creditors for more time to resolve a mid-April covenant breach on the $437 million loan. (*)