PT Bakrie Telecom’s debt was downgraded to default by Standard & Poor’s and to a level signaling imminent default by Fitch Ratings Ltd. after failing to pay a $21.8 million coupon on a bond due yesterday.
PT Bakrie & Brothers, controlled by Indonesian billionaire Aburizal Bakrie, said it agreed to sell part of its stake in coal producer Bumi Plc to PT Borneo Lumbung Energi & Metal for $1 billion in cash to help pay a loan.
Malaysian airline entrepreneur Tony Fernandes says he has two adopted homes. There’s London, where he owns the Queens Park Rangers soccer club and the Caterham Formula One auto-racing team based in nearby Oxfordshire. And there’s Jakarta, a thriving, congested Southeast Asian megacity in the world’s fourth-most-populous nation.
Nathaniel Rothschild’s bid to oust most of the board of Bumi Plc, the Indonesian coal venture he founded and is fighting to gain control of, may struggle after one of his earlier supporters said it would vote against him.
Jakarta Governor Joko Widodo, who leads popularity polls for Indonesia’s presidential election next year, affirmed his allegiance to the party of former leader Megawati Soekarnoputri and said she would decide if he runs.