JAKARTA (Yosefardi) – CDMA operator PT Bakrie Telecom Tbk (BTEL) had reportedly held a meeting with bond holders on Wednesday (September 24) in Singapore to discuss the restructuring of its US$380 million Notes scheduled to mature in 2015.
BTEL had defaulted on paying 11.5% interest of 5-years Notes in November 7, 2013 and May 7, 2014. BTEL also has more than US$200 million payables to Huawei as at December 31, 2013.
BTEL had total liabilities of almost US$880 million in as at June this year. It has negative equity of Rp1.3 trillion. BTEL’s assets fell 46.6% to Rp4.88 trillion from previous Rp9.13 trillion.
Revenues declined 29% to Rp928 billion in the first half of 2014 from previous Rp1.3 trillion in the same period of 2013. It booked net loss of Rp317 billion, widened from previous loss of Rp293 billion.