JAKARTA (Yosefardi) – Giant coal miner PT Bumi Resources Tbk (BUMI) reported the bondholders meeting did not achieve the requisite quorum to consider the extraordinary resolution and accordingly the proposal has not been approved.
BUMI proposes to bondholders to let it repaying $375 million of notes within seven years instead of seven weeks.
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.