Bumi starts exchanges of old debts with new loans
Wednesday, December 13 2017 - 02:03 AM WIB
Petromindo
IDX-listed coal firm PT Bumi Resources Tbk said it had entered on Monday into relevant agreements for the issuance and settlement of new loans and securities as part of previously announced proposed exchanges of its old debts with new loans.
?Settlement of the new securities is ongoing and is expected to occur within five (5) business days of the Effective Date pursuant to the terms of the Composition Agreement,? Bumi said in a statement on Tuesday.
Bumi?s three special purpose vehicles (SPVs), namely Enercoal Resources Pte Ltd, Bumi Capital Pte Ltd, and Bumi Investment Pte Ltd., the issuers of Guaranteed Convertible Bonds (due 2014), and Guaranteed Senior Secured Notes (Due 2016 and 2017), have conveyed Settlement Instructions to eligible lenders on December 5 that the settlement for delivery of the new loans and new securities was expected to occur on December 11 (the Effective Date).
Editing by Reiner Simanjuntak