PT Bumi Resources is “highly likely” to miss payment on $375 million of convertible bonds in August if holders don’t agree to a proposal to delay the debt’s maturity, it said in a memorandum to noteholders.
Erbil, the regional capital of Iraqi Kurdistan, has all the trappings of an oil boomtown. It bristles with construction cranes. Land Cruisers and Range Rovers with tinted windows ply the busy streets. Oil workers and briefcase- bearing foreigners crowd into the Divan Erbil Hotel’s piano bar.
Financier Nathaniel Rothschild and a member of Indonesia’s Bakrie family were involved in an angry exchange on Twitter after they completed a long-delayed $501 million deal to unwind a three-year coal investment.
Bumi Plc, the company at the center of a dispute between Nathaniel Rothschild and Indonesia’s Bakrie Group, said a proposal from the financier regarding the fate of the $1.1 billion company’s coal assets was rejected.
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.
Nathaniel Rothschild, the financier who co-founded Bumi Plc, asked the U.K.’s financial regulator to investigate whether the Indonesian coal producer made misleading statements about a proposed deal with the Bakrie Group.