JAKARTA (Yosfardi) – Giant coal producer PT Bumi Resources Tbk (BUMI), member of Bakrie Group, has rescheduled the payment or settlement of debt to China Investment Corporation (CIC) worth US$1.357 billion, as it failed to hold extraordianary general meeting (EGM) on Friday (Dec 12) due to lower quorum of shareholders attending the meeting.
BUMI needs approval from shareholders on its proposal to transfer shares of its units, PT Kaltim Prima Coal (KPC) and PT Bumi Resources Minerals Tbk (BRMS), as part of settling debts to CIC and to purchase KPC shares from Kutai Timur Sejahtera.
BUMI had earlier gained approval from its bond holders to eliminate some articles on bond debt agreement worth US$1 billion, equivalent Rp12 trillion, helping BUMI to escape from default on bond debt settlement.
BUMI, through its units Bumi Capital Pte Ltd and Bumi Investment Pte Ltd had issued bonds worth US$300 million and US$700 million respectively with interest rate of 12% and 10.75% each, scheduled to mature in 2016 and 2017.