Bumi Resources unit delays coupon payment
Thursday, November 6 2014 - 01:12 AM WIB
IDX-listed coal giant PT Bumi Resources Tbk said its Singapore subsidiary Bumi Investment Pte Ltd has delayed a coupon payment on US$700 million guaranteed secured notes to end of November.
?The company has been notified by Bumi Investment Pte Ltd that the October 2014 coupon payment has been delayed to end of November,? said Bumi Resources Director Dileep Srivastava in a statement on Wednesday.
Srivastava did not provide the reason for the delay in the coupon of the 2010 notes carrying a 10.75 percent interest rate.
The heavily indebted Bumi Resources has been facing difficulties in repaying debts amid the lingering drop in coal price amid oversupply situation and weak market particularly in China.
Editing by Reiner Simanjuntak