Jan 4, 2011

Bakrie settles Rp2.25 trillion debts

Parent company of Bakrie family, PT Bakrie & Brothers Tbk (BNBR), settled its debt of Rp2.25 trillion to some creditors, including Piper, Price & Company Ltd and Brentwood Ventures Pte Ltd, using its subsidiaries shares.
The subsidiaries included PT Bumi Resources Tbk, PT Energi Mega Persada Tbk, PT Bakrie Sumatera Plantation Tbk, PT Bakrie Telecom Tbk, and PT Bakrieland Development Tbk.
“The debt settlement was done on December 30,” Corporate Secretary Bakrie and Brothers Sri Dharmayanti said in a disclosure filed to Indonesia Stock Exchange (IDX) without specifying the number of the released shares.
Bakrie & Brothers, as reported by Investor Daily, also plans to put down Rp3.5 trillion debts by end of 2011. By the end of 2011, it targets to shrink its debt to Rp3.45 trillion from last year's level of Rp6.95 trillion.

Disclosure: No position at the stock mentioned above.

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