Mar 14, 2011

Benakat Energy extends notes payment

Oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI) failed to pay promissory notes on March 12 2011 to the controlling shareholder PT Indo Tambang Perkasa. As a result, Benakat Energy intends to extend the debt payment.
Benakat Energy, as reported by Kontan daily, previously extended the notes' maturity from September 12 2010 to March 12 2011.
"Our management determined to extend the payment in the next 6 months," said Benakat Director Firlie Ganindito.
Following the extension, Benakat Energy is scheduled to settle the Rp592.51 billion notes in September 12 2011. The debt is part of a total notes of Rp894.81 billion issued by Benakat Energy to Indo Tambang Perkasa charging 5.6% annual interest rate.  
The proceed of the notes issuance had been used by Benakat to acquire 37.15% shareholding in an oil and gas services company PT Elnusa Tbk (ELSA) from PT Tridaya Esta. Benakat Energy settled Rp302.3 billion of the notes, utilizing another share financing facility from Amadia Investment of US$30 million with 12% annual interest rate. In return, Benakat has pledged 12.5% stake in Elnusa and PT Delta Samudra, coal mining company owned by BIPI. 

Disclosure: No position at the stock mentioned above.

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