JAKARTA (Yosefardi) – Creditors of CDMA operator PT Bakrie Telecom Tbk (BTEL) had on Tuesday (Dec 9) received debt settlement proposal of BTEL by voting at Jakarta court.
BTEL is restructuring its US$380 million Notes scheduled to mature in 2015. Of 412 creditors, 343 creditors attended at court and voted on the BTEL’s debt proposal.
On the agreed proposal, BTEL offers to settle debts within next 66-84 months with various schemes.
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 payable to Huawei as at December 31, 2013.