PT Bumi Resources, the Indonesian coal producer at the heart of a London probe amid claims of irregularities, may struggle to refinance debt in the next year, Standard & Poor’s and Moody’s Investors Service said.
PT Bumi Resources said a probe by Bumi Plc, the London-listed shareholder founded by Nathaniel Rothschild, and subsequent “leaks” about the matter are an attempt to damage the Indonesian coal producer.
Indonesia’s capital markets regulator will await the results of Bumi Plc’s probe into claims of financial irregularities at associated companies in the Southeast Asian country before taking any action.
PT Bumi Resources, Indonesia’s biggest exporter of thermal coal, is seeking to raise cash by selling a unit and issuing shares after the start of a corporate governance probe prompted concern it may struggle to repay debt.
PT Bumi Resources, facing probes into its finances amid a dispute between Nathaniel Rothschild and Indonesia’s Bakrie Group, swung to a loss on derivatives charges the company said resulted mainly from accounting-policy changes.