Debt settlement of PT Bumi Resources Tbk (BUMI) with the creditors who has been extended in the Suspension of Payment (PKPU) for 95 days complicates its subsidiary, PT Bumi Resources Minerals Tbk (BRMS) to find loans. For debt maturing this year of approximately US$ 450 million, BRMS asked its creditors to grant an extension to pay the principal debt.
“Bumi Resources’ PKPU has no direct impact to the company. But indirectly, the name BUMI itself makes it difficult to get loans and it affects our company,” said Ari S Hudaya, Chairman of BRMS. Fuad Helmy, BRMS’ Finance Director, said the company’s debt maturing this year is owed to Credit Suisse AG for US$ 350 million and Credit Suisse International for US$ 100 million.
On June 29, BUMI’s creditors should have voted whether to accept Bumi’s proposal or not. However, China Development Bank (CDB) and China Forest Industry Holding Ltd, the largest BUMI’s creditors with credit portion of more than 50%, requested an extension of 3 months. According to the attorney, they need time to conduct due diligence of the target company whose shares are used as BUMI’s debt payment. Aji Wijaya, BUMI’s Attorney, received a request from the creditors that composition plan can be agreed. (*)
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