S?pore court grants Bumi?s subsidiaries moratorium over debt
Wednesday, November 26 2014 - 12:29 AM WIB
IDX-listed PT Bumi Resources Tbk announced on Tuesday that three of its subsidiaries obtained from a Singaporean court on Nov. 24 a moratorium of six months against legal and enforcement action, to facilitate discussions with note-holders and bondholders and continue with the restructuring efforts
The three units are Bumi Capital Pte. Ltd. (issuer of US$300 million 12% Guaranteed Senior Secured Notes); Bumi Investment Pte. Ltd. (issuer of $700 million 10.75% Guaranteed Senior Secured Notes); and Enercoal Resources Pte. Ltd. (issuer of $375 million 9.25% Guaranteed Convertible Bond),
The firm said the three subsidiaries filed in Singapore on Nov.. 24 to initiate a formal court process under Section 210 of the Singapore Companies Act as part of on-going effort to restructure the above debt obligations.
?As an initial step in the Section 210 Court Process, the Singapore subsidiaries have sought and yesterday (Nov. 24) obtained a moratorium of six months against legal and enforcement action, to facilitate discussions with note-holders and bondholders and continue with the restructuring efforts,? the firm said.
Editing by Johannes Simbolon