Indus requires more time to finalize debt restructuring agreement
Tuesday, September 15 2015 - 06:29 AM WIB
ASX-listed Indus Coal Limited said Tuesday that it requires more time to finalize binding agreements with financiers to restructure the terms of its two existing bond issues.
?The Board has been encouraged by the indicative support from financiers and their undertaking to allow the Board additional time to pursue capital raising alternatives whilst BMC (Indus 38%) and its joint venture partner, a Tier 1 Chinese construction and engineering company, seek to become a successful independent power producer (IPP) in Indonesia for a new thermal coal fired steam power plant located in Sumatra Indonesia,? the company said in a statement, referring to its Indonesian coal subsidiary PT Berlian Mahkota Coal.
In that regard, the company said that its securities remain suspended at its request pending the release of an announcement regarding the debt restructuring and capital raising terms by October 15, 2015.
BMC is the 100 percent owner of the Blok 9 coal concession in Central Tebo District, Tebo Regency, Jambi. The concession has an estimated JORC resource of 94,000,000 tons of thermal coal.
Editing by Reiner Simanjuntak