Bumi bondholders meeting fail to reach quorum

A bondholders meeting held on Friday by Enercoal Resources Ptd Ltd, a subsidiary of IDX-listed coal giant PT Bumi Resources Tbk, failed to reach a quorum.

The meeting was supposed to seek approval for a proposed extension of the maturity of Enercoal?s US$375 million guaranteed convertible bonds maturing August 5, 2014.

?However, the meeting did not achieve the requisite quorum to consider the extraordinary resolution and accordingly the proposal has not been approved. The meeting has been dissolved and no amendments to the Trust Deed will be carried out,? Bumis said in a statement, referring to the trust deed dated August August 5, 2009, as amended by a supplemental trust deed dated July 25, 2011.

?Bonds which are currently blocked in the clearing systems will be unblocked,? the statement added.

Editing by Reiner Simanjuntak