Four creditors of PT Bumi Resources Tbk are potential to absorb new shares issued by the largest national coal producer and exporter during the rights issue that have no preemptive rights in September.
In an announcement made by Bumi yesterday, the four creditors are Country Forest Limited a subsidiary of China Investment Corporation (CIC) Raiffeisen Zentralbank Osterreich AG, Credit Suisse, and JP Morgan Chase Bank N.A.
Bumi is going to convert the debts of the four creditors into equities by offering 1.94 billion new shares worth IDR4.59 trillion or equivalent to US$495.89 million.
The debt conversion is expected to be realized by December 30, delayed two months from the previous schedule of July 30.
Bumi is going to convert the debts of the four creditors into equities by offering 1.94 billion new shares worth IDR4.59 trillion or equivalent to US$495.89 million.
The debt conversion is expected to be realized by December 30, delayed two months from the previous schedule of July 30.
Bumi plans to hold the extraordinary shareholders general meeting today to ask for approval from additional equities.
Based on the same announcement, the management mentions Bumi is still finalizing things with the creditors. Full payment can be made to one or more creditors depending on an agreement between the company and each creditor.
The management is committed to cutting debt to US$1 billion this year, half of which will be financed by rights issue.
Based on the same announcement, the management mentions Bumi is still finalizing things with the creditors. Full payment can be made to one or more creditors depending on an agreement between the company and each creditor.
The management is committed to cutting debt to US$1 billion this year, half of which will be financed by rights issue.
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