Bakrie Group, PT Bakrie & Brothers Tbk (BNBR) and its parent Long Haul Holdings Ltd, is underway in talks with its creditor in a bid to restructure a US$1.34 billion debt both obtained in early March from Credit Suisse AG, Singapore.
In an official statement to London Stock Exchange yesterday, Bumi Plc revealed that besides a possible restructuring, Bakrie Group is seeking a possible action to pay the debt facility. However, still, there is no clear information when and how the group to settle the debt.
"We will make further announcement soon the negotiation comes with certain result," Bumi Plc management said.
The company has not declared at what price the debt is pledged with Bumi Plc shares despite a 44.06% drop in Bumi Plc shares price at London market. Have Bakrie Group put more money and shares to pledge just to set off the shares drop? Is this situation similar with 2008 when Bakrie Group suffered from repo?
Disclosure: No position at the stock mentioned above.
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