JAKARTA (Yosefardi) – Investors continue selling shares of giant coal miner PT Bumi Resources Tbk (BUMI) on concern over debt proposal.
At 10 am Jakarta time, BUMI dropped 3.9% to Rp147 per share. The stock had fallen by 16% in the past three trading days. Bumi proposes to bondholders to let it repaying $375 million of notes within seven years instead of seven weeks.
Unfortunately, the bondholders meeting scheduled on Friday last week did not achieve the requisite quorum. The bondholders meeting has been dissolved and no amendments to the Trust Deed will be carried out.
The Bonds currently mature on 5 August 2014. Bonds which are currently blocked in the clearing systems will be unblocked.