Dayaindo and Daya Mandiri get new investor

Indebted mining companies PT Dayaindo Resources International Tbk and PT Daya Mandiri Resources Indonesia (DMRI) have finally obtained a new investor to salvage their predicament, Bisnis Indonesia daily reported Tuesday.

The paper said that mining firm PT Bumindo Energi Internasional has been named as the new investors in the two ailing firms, which two months ago were declared bankrupt by the Central Jakarta Commercial Court. The new settlement deal has yet to be approved by the court.

Curator Djawoto Jawono said that nine of 13 creditors have agreed to the settlement proposal made by Daya Indo and Daya Mandiri including the appointment of Bumindo as the new investor. The two companies owe a combined Rp 500 billion worth of debts to the nine creditors including Bank Internasional Indonesia (BII), one of the largest creditors.

As part of the settlement, the two companies will repay their debts to the creditors gradually over a period of between 10 to 20 years.

The Central Jakarta Commercial Court in July declared the two firms bankrupt following bankruptcy petition filed by BII.

Bumindo is a mining company operating coal and iron ores concessions in South Aceh, the paper said. (*)