JAKARTA (Yosefardi) – Property developer PT Bakrieland Development Tbk (ELTY), member of Bakrie Group, proposes to extend its bond payment to 2016. The bond worth US$155 million was issued by its unit BLD Investment Pte Ltd.
Bank of New York Mellon (London Branch), in its capacity as trustee for bondholders, has filed an application for suspension of debt payment (PKPU) against Bakrieland, to the Central Jakarta Court on September 2nd, 2013.
Bakrieland is guarantor for the payment of bonds issued by BLD Investment Pte Ltd. The bonds carries interest rate of 8.625% per annum due March 23, 2015.
The PKPU was filed in relation to the accelerated maturity of the bonds under the exercise put option scheduled March 23, 2013.
ELTY president director Ambono Janurianto told the press on Monday (Sept 16) that the company should have focused on operational, then the company might pay part of debt while also proposes the extension of bond payment.
He said the company would pay US$31 million bond debt within next 60 days, while the rest would be paid by gradually.