PT Bumi Resources said it will continue to “engage proactively” with bondholders over coming weeks after a meeting to delay repayment on $375 million of convertible notes failed.
PT Bumi Resources avoided a default by paying an overdue coupon on its $300 million November 2016 bonds, according to a filing to the Indonesian stock exchange.
PT Bumi Resources , Indonesia’s biggest coal producer, posted a 37 percent decline in nine-month profit from a year earlier as finance costs surged.
Indonesia’s Bakrie family is seeking to avoid a third default on its companies’ debt in 16 months as the nation accounts for 74 percent of dollar bond delinquencies in Southeast Asia since 2008.
"We expect a favorable vote on August 22."
- Dileep Srivastava on Aug 11, 2014