BRMS reaches debt settlement agreement with creditor
Saturday, April 8 2017 - 01:32 PM WIB
IDX-listed mining firm PT Bumi Resources Minerals Tbk (BRMS) has reached an agreement with its creditor Wexler Capital Pte Ltd to settle debt via a debt to equity conversion scheme, Kontan reported on Saturday.
The paper said that the agreement was reached following mediation process facilitated by the court, ending the legal battle initiated by Wexler on February 23, 2017. The court ruled that BRMS owes Wexler a total of US$154.95 million.
The paper quoted BRMS Corporate Secretary Muhammad Sulthon as saying that the debt to equity conversion program will be implemented after the company obtained shareholders? approval at an upcoming shareholders meeting in June. ?The company is required to following the court?s ruling,? he said, but did not provide further details. (*)